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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jul. 31, 2011	Sep. 02, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	REX AMERICAN RESOURCES Corp
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		9,425,746
Amendment Flag	false
Entity Central Index Key	0000744187
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jul. 31, 2011
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2011	Jan. 31, 2011
Alternative Energy Segment [Member]
Current liabilities:
Current portion of long-term debt	$ 10,643	$ 9,672
Long-term liabilities:
Long-term debt	63,679	69,049
Corporateand Other Segment [Member]
Current liabilities:
Current portion of long-term debt	342	342
Long-term liabilities:
Long-term debt	1,187	1,924
Cash and cash equivalents	96,435	91,019
Accounts receivable, net	7,881	9,619
Inventory	10,370	7,819
Refundable income taxes		8,503
Prepaid expenses and other	2,881	3,055
Deferred taxes, net	3,623	5,834
Total current assets	121,190	125,849
Property and equipment, net	163,106	169,811
Other assets	4,544	5,907
Deferred taxes, net	5,206	5,206
Equity method investments	74,506	67,349
Restricted investments and deposits	1,600	1,600
Total assets	370,152	375,722
Accounts payable, trade	1,345	2,557
Deferred income	2,723	3,982
Accrued real estate taxes	1,792	2,393
Derivative financial instruments	1,720	1,835
Other current liabilities	5,995	3,786
Total current liabilities	24,560	24,567
Deferred income	1,308	2,416
Derivative financial instruments	3,195	3,688
Other	2,859	4,114
Total long-term liabilities	72,228	81,191
REX shareholders’ equity:
Common stock	299	299
Paid-in capital	142,379	142,293
Retained earnings	303,052	296,053
Treasury stock	(196,000)	(193,713)
Total REX shareholders’ equity	249,730	244,932
Noncontrolling interests	23,634	25,032
Total equity	273,364	269,964
Total liabilities and equity	$ 370,152	$ 375,722

Consolidated Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2011	Jul. 31, 2010	Jul. 31, 2011	Jul. 31, 2010
Net sales and revenue	$ 73,851	$ 65,087	$ 155,065	$ 136,359
Cost of sales	74,137	60,053	150,660	122,937
Gross (loss) profit	(286)	5,034	4,405	13,422
Selling, general and administrative expenses	(1,976)	(1,859)	(4,288)	(3,962)
Interest income	101	124	271	238
Interest expense	(646)	(1,338)	(1,316)	(2,710)
Income from synthetic fuel investments	2,883		2,883
Loss on early termination of debt				(48)
Equity in income of unconsolidated ethanol affiliates	3,761	1,083	9,543	3,930
Losses on derivative financial instruments, net	(757)	(1,878)	(689)	(2,045)
Income from continuing operations before provision for income taxes and discontinued operations	3,080	1,166	10,809	8,825
Provision for income taxes	(1,471)	(622)	(4,188)	(3,181)
Income from continuing operations including noncontrolling interests	1,609	544	6,621	5,644
Income from discontinued operations, net of tax	384	530	794	1,035
Gain on disposal of discontinued operations, net of tax	40	20	174	20
Net income including noncontrolling interests	2,033	1,094	7,589	6,699
Net loss (income) attributable to noncontrolling interests	314	140	(590)	(1,277)
Net income attributable to REX common shareholders	$ 2,347	$ 1,234	$ 6,999	$ 5,422
Weighted average shares outstanding – basic (in Shares)	9,513	9,790	9,473	9,815
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 0.20	$ 0.07	$ 0.64	$ 0.44
Basic income per share from discontinued operations attributable to REX common shareholders (in Dollars per share)	0.04	0.06	0.08	0.11
Basic income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share)	0.01		0.02
Basic net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.25	$ 0.13	$ 0.74	$ 0.55
Weighted average shares outstanding – diluted (in Shares)	9,550	9,976	9,557	10,010
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 0.20	$ 0.07	$ 0.63	$ 0.44
Diluted income per share from discontinued operations attributable to REX common shareholders (in Dollars per share)	0.04	0.05	0.08	0.10
Diluted income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share)	0.01		0.02
Diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.25	$ 0.12	$ 0.73	$ 0.54
Amounts attributable to REX common shareholders:
Income from continuing operations, net of tax	$ 1,923	$ 684	$ 6,031	$ 4,367
Income from discontinued operations, net of tax	424	550	968	1,055
Net income	$ 2,347	$ 1,234	$ 6,999	$ 5,422

Consolidated Condensed Statements Of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Total
Balance at Jan. 31, 2010	$ 299	$ (186,407)	$ 141,698	$ 290,984	$ 49	$ 28,473	$ 275,096
Balance (in Shares) at Jan. 31, 2010	29,853	20,045
Net income				5,422		1,277	6,699
Treasury stock acquired		$ (3,311)					(3,311)
Treasury stock acquired (in Shares)		187
Reclassification adjustment for net gains included in net income, net of tax					$ (49)		(49)
Stock options and related tax effects		$ 866	572				1,438
Stock options and related tax effects (in Shares)		(91)
Balance at Jul. 31, 2010	$ 299	$ (188,852)	142,270	296,406		29,750	279,873
Balance (in Shares) at Jul. 31, 2010	29,853	20,141
Balance at Jan. 31, 2011	$ 299	$ (193,713)	142,293	296,053		25,032	269,964
Balance (in Shares) at Jan. 31, 2011	29,853	20,461
Net income				6,999		590	7,589
Noncontrolling interests distribution						(1,796)	(1,796)
Other						(192)	(192)
Treasury stock acquired		$ (6,353)					(6,353)
Treasury stock acquired (in Shares)		393
Stock options and related tax effects		$ 4,066	86				4,152
Stock options and related tax effects (in Shares)		(436)
Balance at Jul. 31, 2011	$ 299	$ (196,000)	$ 142,379	$ 303,052		$ 23,634	$ 273,364
Balance (in Shares) at Jul. 31, 2011	29,853	20,418

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
Cash flows from operating activities:
Net income including noncontrolling interests	$ 7,589	$ 6,699
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,519	7,646
Impairment charges and other	1,153	510
Income from equity method investments	(9,543)	(3,930)
Income from synthetic fuel investments	(2,883)
(Gain) loss on disposal of real estate and property and equipment	(271)	28
Dividends received from equity method investees	2,316	802
Deferred income	(2,367)	(4,422)
Derivative financial instruments	(608)	335
Deferred income tax	2,859	1,375
Changes in assets and liabilities:
Accounts receivable	1,738	231
Inventory	(2,551)	2,326
Other assets	9,890	7,412
Accounts payable, trade	(1,652)	(869)
Other liabilities	1,665	(2,154)
Net cash provided by operating activities	12,854	15,989
Cash flows from investing activities:
Capital expenditures	(637)	(918)
Proceeds from sale of synthetic fuel investment	2,883
Purchase of equity method investment		(9,216)
Principal payments received on investment in debt instruments		933
Proceeds from sale of real estate and property and equipment	1,603	1,540
Restricted investments		500
Net cash provided by (used in) investing activities	3,849	(7,161)
Cash flows from financing activities:
Payments of long-term debt and capital lease obligations	(5,136)	(17,737)
Repayments of contingent consideration	(1,313)
Stock options exercised	312	1,438
Payments to noncontrolling interests holders	(1,796)
Other	(192)
Treasury stock acquired	(3,162)	(3,311)
Net cash used in financing activities	(11,287)	(19,610)
Net increase (decrease) in cash and cash equivalents	5,416	(10,782)
Cash and cash equivalents, beginning of period	91,019	100,398
Cash and cash equivalents, end of period	96,435	89,616
Non cash activities - Accrued capital expenditures	$ 440	$ 102

Consolidated Condensed Financial Statements

6 Months Ended

Jul. 31, 2011

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Consolidated Condensed Financial Statements

The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2011 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2011 (fiscal year 2010). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2011. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.

Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of REX American Resources Corporation and its wholly and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month. Prior to January 31, 2011, the Company also included the results of operations of Levelland Hockley County Ethanol, LLC (“Levelland Hockley”) on a delayed basis of one month, which was prior to the deconsolidation of Levelland Hockley (see Note 12).

Nature of Operations – The Company operates in two reportable segments, alternative energy and real estate. The Company substantially completed the exit of its retail business during the second quarter of fiscal year 2009, although it will continue to recognize revenue and expense associated with administering extended service policies as discontinued operations.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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-Name Accounting Research Bulletin (ARB)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Accounting Policies

6 Months Ended

Jul. 31, 2011

Significant Accounting Policies [Text Block]

Note 2. Accounting Policies

The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2010 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year end. Examples of such estimates include management bonuses, the fair value of financial instruments, reserves for lower of cost or market inventory calculations and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates.

Revenue Recognition

The Company recognizes sales from the production of ethanol and distillers grains when title transfers to customers, upon shipment from its plant.

The Company includes income from real estate leasing activities in net sales and revenue. The Company accounts for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term of the lease.

Prior to exiting the retail business, the Company sold retail product service contracts covering periods beyond the normal manufacturers’ warranty periods, usually with terms of coverage (including manufacturers’ warranty periods) of between 12 to 60 months. Contract revenues and sales commissions are deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers’ warranty periods. The Company retains the obligation to perform warranty service and such costs are expensed as incurred. All related revenue and expense is classified as discontinued operations.

Cost of Sales

Ethanol cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges.

Real estate cost of sales includes depreciation, real estate taxes, insurance, repairs and maintenance and other costs directly associated with operating the Company’s portfolio of real property.

Selling, General and Administrative Expenses

The Company includes non-production related costs from its alternative energy segment such as professional fees, selling charges and certain payroll in selling, general and administrative expenses.

The Company includes costs not directly related to operating its portfolio of real property from its real estate segment such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

The Company includes costs associated with its corporate headquarters such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

Interest Cost

No interest was capitalized for the six months ended July 31, 2011 and 2010. Cash paid for interest for the six months ended July 31, 2011 and 2010 was approximately $1,353,000 and $2,448,000, respectively.

Financial Instruments

The Company uses derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreements were not designated for hedge accounting pursuant to ASC 815, Derivatives and Hedging (“ASC 815”). The interest rate swaps are recorded at their fair values and the changes in fair values are recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid settlements of interest rate swaps of approximately $1,297,000 and $1,710,000 for the six months ended July 31, 2011 and 2010, respectively.

Forward grain purchase and ethanol and distillers grains sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol and distillers grains quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.

Income Taxes

The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid no income taxes during the six months ended July 31, 2011 and 2010. During the six months ended July 31, 2011 and 2010, the Company received tax refunds of $7,247,000 and $5,539,000, respectively.

As of July 31, 2011, total unrecognized tax benefits were approximately $2,733,000 and accrued penalties and interest were $301,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $129,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

Inventories

Inventories are carried at the lower of cost or market on a first-in, first-out (“FIFO”) basis. Alternative energy segment inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Reserves are established for estimated net realizable value based primarily upon commodity prices. The components of inventory at July 31, 2011 and January 31, 2011 are as follows (amounts in thousands):


	July 31, 2011		January 31, 2011


Ethanol and other finished goods, net	$	2,554	$	2,347
Work in process, net		2,344		1,705
Grain and other raw materials		5,472		3,767

Total	$	10,370	$	7,819

Property and Equipment

Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.

In accordance with ASC 360-05 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. Impairment charges were approximately $1.2 million and $0.4 million in the first six months of fiscal years 2011 and 2010, respectively. These charges relate to the Company’s real estate segment (fiscal year 2011) and discontinued operations (fiscal year 2010). Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Generally, declining cash flows from an ethanol plant or deterioration in local real estate market conditions are indicators of possible impairment.

Investments and Deposits

Restricted investments, which are principally money market mutual funds and cash deposits, are stated at cost plus accrued interest, which approximates market. Restricted investments at July 31, 2011 and January 31, 2011 are required by two states to cover possible future claims under extended service policies over the remaining lives of the service policy contracts. In accordance with ASC 320, “Investments-Debt and Equity Securities” the Company has classified these investments as held-to-maturity. The investments had maturity dates of less than one year at July 31, 2011 and January 31, 2011. The Company has the intent and ability to hold these securities to maturity.

The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of one majority owned subsidiary, One Earth, with a one month lag. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323 “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. The Company accounts for its investments in Big River Resources, LLC (“Big River”), Patriot Renewable Fuels, LLC (“Patriot”) and NuGen Energy, LLC (“NuGen”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month.

The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.

Accounting Changes and Recently Issued Accounting Standards

Effective February 1, 2012, the Company will be required to adopt the third phase of amended guidance in ASC 820 “Fair Value Measurements and Disclosures”. The amendment establishes common fair value measurement and disclosure requirements by improving comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and those prepared in conformity with International Financial Reporting Standards. The amended guidance clarifies the application of existing requirements and requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The Company has not determined the impact, if any, of adopting this amended guidance.

Effective February 1, 2012, the Company will be required to adopt the amended guidance in ASC 220 “Comprehensive Income”. This amendment increases the prominence of other comprehensive income in the financial statement by eliminating the option to present other comprehensive income in the statement of stockholders’ equity, and rather requiring comprehensive income to be reported in either a single continuous statement or in two separate but consecutive statements reporting net income and other comprehensive income. The Company has determined that the changes to the accounting standards will affect the presentation of consolidated financial information but will not have a material effect on the Company’s financial position or results of operations.

Comprehensive Income

6 Months Ended

Jul. 31, 2011

Comprehensive Income (Loss) Note [Text Block]

Note 3. Comprehensive Income

Comprehensive income includes net income and unrealized gains and losses on securities classified as available for sale (net of the related tax effects), and are reported separately in shareholders’ equity. The components of comprehensive income are as follows (amounts in thousands):


	Three Months Ended					Six Months Ended
	July 31, 2011		July 31, 2010			July 31, 2011		July 31, 2010


Net income attributable to REX common shareholders	$	2,347	$	1,234		$	6,999	$	5,422
Reclassification adjustment for net gains included in net income, net of tax		—		(27	)		—		(49	)

Total comprehensive income	$	2,347	$	1,207		$	6,999	$	5,373

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Leases

6 Months Ended

Jul. 31, 2011

Leases of Lessor Disclosure [Text Block]

Note 4. Leases

At July 31, 2011, the Company has lease agreements, as landlord, for all or portions of seven properties. We also have seasonal (temporary) lease agreements, as landlord for four owned properties. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands):


Years Ended January 31,	Minimum Rentals


Remainder of 2012	$	721
2013		1,254
2014		1,161
2015		920
2016		350
Thereafter		1,631

Total	$	6,037

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 23
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 4
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+ Details

Fair Value

6 Months Ended

Jul. 31, 2011

Fair Value Disclosures [Text Block]

Note 5. Fair Value

The Company applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”) which provides a framework for measuring fair value under GAAP. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820. ASC 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries cash equivalents, restricted investments and derivative liabilities at fair value.

Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs shall be developed based on the best information available, which may include the Company’s own data.

The fair values of interest rate swaps are determined by using quantitative models that discount future cash flows using the LIBOR forward interest rate curve. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, various processes and controls have been adopted, which include: model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; periodic review and substantiation of profit and loss reporting for all derivative instruments.

Financial assets and liabilities measured at fair value on a recurring basis at July 31, 2011 are summarized below (amounts in thousands):


	Level 1		Level 2		Level 3		Fair Value


Cash equivalents	$	2	$	—	$	—	$	2
Restricted investments		857		—		—		857

Total assets	$	859	$	—	$	—	$	859

Derivative liabilities and total liabilities	$	—	$	4,915	$	—	$	4,915

Assets measured at fair value on a non-recurring basis over various dates through July 31, 2011 are summarized below (amounts in thousands):


	Level 1		Level 2		Level 3		Total Losses


Property and equipment, net	$	—	$	—	$	5,985	$	1,153

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2011 are summarized below (amounts in thousands):


	Level 1		Level 2		Level 3		Fair Value


Cash equivalents	$	2	$	—	$	—	$	2
Restricted investments		857		—		—		857

Total assets	$	859	$	—	$	—	$	859

Derivative liabilities and total liabilities	$	—	$	5,523	$	—	$	5,523

Assets measured at fair value on a non-recurring basis over various dates through January 31, 2011 are summarized below (amounts in thousands):


	Level 1		Level 2		Level 3		Total Losses


Property and equipment, net	$	—	$	—	$	4,568	$	424

The fair value of the Company’s debt is approximately $75.9 million and $81.2 million at July 31, 2011 and January 31, 2011, respectively.

A contingent consideration liability with an initial fair value of $4,750,000 was recorded at July 1, 2010, the date of the NuGen acquisition (see Note 12). The balance of this liability was $3,578,000 and $2,265,000 at January 31, 2011 and July 31, 2011, respectively. The reductions in the carrying value of the liability primarily result from distributions paid to the seller.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Property and Equipment

6 Months Ended

Jul. 31, 2011

Property, Plant and Equipment Disclosure [Text Block]

Note 6. Property and Equipment

The components of property and equipment at July 31, 2011 and January 31, 2011 are as follows (amounts in thousands):


	July 31, 2011			January 31, 2011


Land and improvements	$	21,252		$	21,899
Buildings and improvements		42,396			44,297
Machinery, equipment and fixtures		129,320			124,439
Leasehold improvements		394			440
Construction in progress		440			4,578

		193,802			195,653
Less: accumulated depreciation		(30,696	)		(25,842	)


	$	163,106		$	169,811

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Other Assets

6 Months Ended

Jul. 31, 2011

Other Assets Disclosure [Text Block]

Note 7. Other Assets

The components of other assets at July 31, 2011 and January 31, 2011 are as follows (amounts in thousands):


	July 31, 2011		January 31, 2011


Deferred financing costs, net	$	850	$	1,006
Prepaid commissions		1,211		1,924
Real estate taxes refundable		1,320		682
Other		1,163		2,295

Total	$	4,544	$	5,907

Long Term Debt and Interest Rate Swaps

6 Months Ended

Jul. 31, 2011

Long-term Debt [Text Block]

Note 8. Long Term Debt and Interest Rate Swaps

One Earth Energy Subsidiary Level Debt

In September 2007, One Earth entered into a $111,000,000 financing agreement consisting of a construction loan agreement for $100,000,000 together with a $10,000,000 revolving loan and a $1,000,000 letter of credit with First National Bank of Omaha (the “Bank”). The construction loan was converted into a term loan on July 31, 2009 as all of the requirements, for such conversion, of the construction and term loan agreement were fulfilled. The term loan bears interest at variable interest rates ranging from LIBOR plus 280 basis points to LIBOR plus 300 basis points (3.0% -3.3% at July 31, 2011). Beginning with the first quarterly payment on October 8, 2009, payments are due in 20 quarterly payments of principal plus accrued interest with the principal portion calculated based on a 120 month amortization schedule. One final installment will be required on the maturity date (July 31, 2014) for the remaining unpaid principal balance with accrued interest.

Borrowings are secured by all of the assets of One Earth. This debt is recourse only to One Earth and not to REX American Resources Corporation or any of its wholly owned subsidiaries. As of July 31, 2011, approximately $74.3 million was outstanding on the term loan. One Earth is also subject to certain financial covenants under the loan agreement, including required levels of EBITDA, debt service coverage ratio requirements, net worth requirements and other common covenants. One Earth was in compliance with all covenants at July 31, 2011. One Earth has paid approximately $1.4 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan.

The Company’s proportionate share of restricted assets related to One Earth was approximately $66.5 million and $59.8 million at July 31, 2011 and January 31, 2011, respectively. One Earth’s restricted assets total approximately $90.2 million and $81.2 million at July 31, 2011 and January 31, 2011, respectively. Restricted assets may not be paid in the form of dividends or advances to the parent company or other members of One Earth per the terms of the loan agreement with the Bank.

One Earth has no outstanding borrowings on the $10,000,000 revolving loan as of July 31, 2011. One Earth also has access to a secondary line of credit of up to $4,900,000, as adjusted, with First National Bank of Omaha, established as part of the original $100,000,000 term loan and made accessible as a revolving line of credit as term loan payments were made. The amount available is reduced by $250,000 on a quarterly basis.

One Earth has letters of credit outstanding that total approximately $196,000 at July 31, 2011.

One Earth entered into two forward interest rate swaps in the notional amounts of $50.0 million and $25.0 million with the Bank. The swap settlements commenced as of July 31, 2009; the $50.0 million swap terminates on July 8, 2014 and the $25.0 million swap terminated on July 31, 2011. The $50.0 million swap fixed a portion of the variable interest rate of the term loan subsequent to the plant completion date at 7.9% while the $25.0 million swap fixed the rate at 5.49%. At July 31, 2011 and January 31, 2011, the Company recorded a liability of approximately $4.9 million and $5.5 million, respectively, related to the fair value of the swaps. The change in fair value is recorded in the Consolidated Condensed Statements of Operations.

Financial Instruments

6 Months Ended

Jul. 31, 2011

Financial Instruments Disclosure [Text Block]

Note 9. Financial Instruments

The Company uses interest rate swaps to manage its interest rate exposure at One Earth by fixing the interest rate on a portion of the entity’s variable rate debt. The Company does not engage in trading activities involving derivative contracts for which a lack of marketplace quotations would necessitate the use of fair value estimation techniques. The notional amounts and fair values of derivatives, all of which are not designated as cash flow hedges at July 31, 2011 are summarized in the table below (amounts in thousands):


	Notional Amount		Fair Value Liability


Interest rate swaps	$	65,321	$	4,915

As the interest rate swaps are not designated as cash flow hedges, the unrealized gain and loss on the derivatives is reported in current earnings. The Company reported losses of $757,000 and $1,878,000 in the second quarter of fiscal years 2011 and 2010, respectively. The Company reported losses of $689,000 and $2,045,000 in the first six months of fiscal years 2011 and 2010, respectively.

Stock Option Plans

6 Months Ended

Jul. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 10. Stock Option Plans

The Company has stock-based compensation plans under which stock options have been granted to directors, officers and key employees at the market price on the date of the grant.

The total intrinsic value of options exercised during the six months ended July 31, 2011 and 2010 was approximately $3.1 million and $0.5 million, respectively, resulting in tax deductions to realize benefits of approximately $0.6 million and $0.2 million, respectively. The following table summarizes options granted, exercised and canceled or expired during the six months ended July 31, 2011:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)

Outstanding at January 31, 2011		725,903		$	10.16
Exercised		(436,680	)	$	8.11

Outstanding and exercisable at July 31, 2011		289,223		$	13.26		2.0	$	1,148

Certain officers and directors of the Company tendered 201,225 shares of the Company’s common stock as payment of the exercise price of stock options exercised pursuant to the Company’s Stock-for-Stock and Cashless Option Exercise Rules and Procedures, adopted on June 4, 2001. The purchase price was $15.83 per share.

At July 31, 2011, there was no unrecognized compensation cost related to nonvested stock options.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Topic 718
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Income Per Share from Continuing Operations Attributable to REX Common Shareholders

6 Months Ended

Jul. 31, 2011

Earnings Per Share [Text Block]

Note 11. Income Per Share from Continuing Operations Attributable to REX Common Shareholders

The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts):


	Three Months Ended July 31, 2011						Three Months Ended July 31, 2010

	Income		Shares		Per Share		Income		Shares		Per Share

Basic income per share from continuing operations attributable to REX common shareholders	$	1,923		9,513	$	0.20	$	684		9,790	$	0.07

Effect of stock options		—		37				—		186

Diluted income per share from continuing operations attributable to REX common shareholders	$	1,923		9,550	$	0.20	$	684		9,976	$	0.07


	Six Months Ended July 31, 2011						Six Months Ended July 31, 2010

	Income		Shares		Per Share		Income		Shares		Per Share

Basic income per share from continuing operations attributable to REX common shareholders	$	6,031		9,473	$	0.64	$	4,367		9,815	$	0.44

Effect of stock options		—		84				—		195

Diluted income per share from continuing operations attributable to REX common shareholders	$	6,031		9,557	$	0.63	$	4,367		10,010	$	0.44

For the six months ended July 31, 2011, a total of 12,468 shares subject to outstanding options were not included in the common equivalent shares outstanding calculation as the effect from these shares is antidilutive. There were no such shares for the three months ended July 31, 2011 and for the three months and six months ended July 31, 2010.

Investments and Restricted Deposits

6 Months Ended

Jul. 31, 2011

Investment And Deposits Disclosure [Text Block]

Note 12. Investments and Restricted Deposits

The Company has approximately $743,000 at July 31, 2011 and January 31, 2011 on deposit with the Florida Department of Financial Services to secure its obligation to fulfill future obligations related to extended warranty contracts sold in the state of Florida. As such, this deposit is restricted from use for general corporate purposes.

In addition to the deposit with the Florida Department of Financial Services, the Company has $857,000 at July 31, 2011 and January 31, 2011 invested in a money market mutual fund to satisfy Florida Department of Financial Services regulations. As such, this investment is restricted from use for general corporate purposes.

The following table summarizes equity method investments at July 31, 2011 and January 31, 2011 (amounts in thousands):


Entity	Ownership Percentage			Carrying Amount July 31, 2011		Carrying Amount January 31, 2011


Big River		10	%	$	31,295	$	29,443
Patriot		23	%		23,132		21,829
NuGen		48	%		20,079		16,077

Total Equity Method Investments				$	74,506	$	67,349

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2011		2010		2011		2010


Big River	$	1,583	$	627	$	2,854	$	1,961
Patriot		469		456		1,373		1,969
NuGen		1,709		—		5,316		—

Total	$	3,761	$	1,083	$	9,543	$	3,930

Effective July 1, 2010, the Company purchased a 48% equity interest in NuGen which operates an ethanol producing facility in Marion, South Dakota with an annual nameplate capacity of 100 million gallons. The Company’s investment included $2,410,361 paid at closing to the then sole shareholder of NuGen and $6,805,055 contributed directly to NuGen. At July 1, 2010 an additional $6,451,300 was due based upon cash distributions from NuGen that the Company is entitled to until such balance is paid (“Contingent Consideration”). At July 31, 2011 the Contingent Consideration gross balance due was $3,377,000. The carrying value of the Contingent Consideration was $2,265,000 at July 31, 2011, of which $62,000 is included in other current liabilities and $2,203,000 is included in other long-term liabilities on the Consolidated Condensed Balance Sheet. At July 1, 2010, the Company estimated the fair value of the Contingent Consideration to be $3,578,000. This liability was recorded at the acquisition date and has been reduced as payments are made by the Company to the seller of the 48% equity interest in NuGen.

The Company has an option to purchase for a purchase price of $1,138,389, (which is payable in cash, partially based upon cash distributions from NuGen that the Company is entitled to receive) additional ownership units from NuGen’s majority shareholder, which, if exercised, would result in the Company owning 51% of the total outstanding voting and economic interests of NuGen on a fully diluted basis.

Undistributed earnings of equity method investees totaled approximately $24.3 million and $18.4 million at July 31, 2011 and January 31, 2011, respectively. During the first six months of fiscal years 2011 and 2010, the Company received dividends from equity method investees of approximately $2.3 million and $0.8 million, respectively.

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three and six months ended June 30, 2011 and June 30, 2010 (amounts in thousands):


Three Months Ended June 30, 2011	Big River		Patriot		NuGen


Net sales and revenue	$	236,478	$	101,650	$	86,913
Gross profit	$	8,402	$	4,071	$	6,103
Income from continuing operations	$	16,305	$	2,012	$	3,893
Net income	$	16,305	$	2,012	$	3,893

Three Months Ended June 30, 2010	Big River		Patriot


Net sales and revenue	$	157,620	$	50,665
Gross profit	$	12,275	$	5,354
Income from continuing operations	$	6,453	$	1,957
Net income	$	6,453	$	1,957

Six Months Ended June 30, 2011	Big River		Patriot		NuGen


Net sales and revenue	$	478,706	$	189,966	$	168,051
Gross profit	$	31,473	$	9,534	$	14,992
Income from continuing operations	$	29,334	$	5,888	$	11,743
Net income	$	29,334	$	5,888	$	11,743


Six Months Ended June 30, 2010	Big River		Patriot


Net sales and revenue	$	314,537	$	107,609
Gross profit	$	26,595	$	14,998
Income from continuing operations	$	20,167	$	8,442
Net income	$	20,167	$	8,442

Patriot, Big River and NuGen have debt agreements that limit and restrict amounts the companies can pay in the form of dividends or advances to owners. The restricted net assets of Patriot, Big River and NuGen combined at June 30, 2011 and January 31, 2011 are approximately $363.9 million and $355.1 million, respectively. The Company’s proportionate share of restricted net assets of Patriot, Big River and NuGen combined at June 30, 2011 and January 31, 2011 are approximately $59.1 million and $52.4 million, respectively.

On January 31, 2011, the Company sold 814,000 of its membership units in Levelland Hockley County Ethanol, LLC (“Levelland Hockley”) for $1, reducing the ownership interest in Levelland Hockley from 56% to 49%. As a result, the Company no longer had a controlling financial interest in Levelland Hockley, and, therefore, effective January 31, 2011, the Company deconsolidated Levelland Hockley and began using the equity method of accounting. In connection with the deconsolidation, the Company recorded its remaining non controlling equity interest and debt investments at fair value. The Company’s estimate of fair value for all of its investments in Levelland Hockley was $0 at July 31, 2011 and January 31, 2011. On April 27, 2011, Levelland Hockley voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, Northern District of Texas. As a result, the Company no longer can exercise significant influence over Levelland Hockley and began using the cost method of accounting. There was no change in the carrying value of the Company’s investments in Levelland Hockley as a result of the change to the cost method of accounting.

Synthetic Fuel Limited Partnership

6 Months Ended

Jul. 31, 2011

Partners' Capital Notes Disclosure [Text Block]

Note 13. Synthetic Fuel Limited Partnership

During fiscal year 2005, the Company sold its membership interest in a limited liability company that owned a synthetic fuel facility in Gillette, Wyoming. In addition to certain other payments, the Company was eligible to receive $1.50 per ton of “qualified production” produced by the facility and sold through December 2007. The plant was subsequently sold and during fiscal year 2006, the Company modified its agreement with the owners and operators of the synthetic fuel facility. During the second quarter of fiscal year 2011, a final payment of $2.9 million was received with respect to the “qualified production”. Income related to this payment was recognized during the quarter, as collectability of the amount became assured. The Company does not expect to receive additional payments, or recognize additional income from this investment.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References + Details

Income Taxes

6 Months Ended

Jul. 31, 2011

Income Tax Disclosure [Text Block]

Note 14. Income Taxes

The effective tax rate on consolidated pre-tax income from continuing operations was 38.7% for the six months ended July 31, 2011, 30.8% for the year ended January 31, 2011 and 36.0% for the six months ended July 31, 2010. The provision for state taxes was approximately 4% for the six months ended July 31, 2011, 4% for the year ended January 31, 2011 and 5% for the six months ended July 31, 2010.

The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2007 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):


Unrecognized tax benefits, February 1, 2011	$	2,976
Changes for prior years’ tax positions		58
Changes for current year tax positions		—

Unrecognized tax benefits, July 31, 2011	$	3,034

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Discontinued Operations

6 Months Ended

Jul. 31, 2011

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 15. Discontinued Operations

During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, all operations of the Company’s former retail segment and certain sold properties have been classified as discontinued operations for all periods presented. Once real estate property has been sold, and no continuing involvement is expected, the Company classifies the results of the operations as discontinued operations. The results of operations were previously reported in the Company’s retail or real estate segment, depending on when the store ceased operations. Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands):


	Three Months Ended July 31,						Six Months Ended July 31,
	2011			2010			2011			2010

	(In Thousands)

Net sales and revenue	$	1,094		$	2,128		$	2,384		$	4,498
Cost of sales		146			701			337			1,499

Income before income taxes		601			815			1,231			1,590
Provision for income taxes		(217	)		(285	)		(437	)		(555	)

Income from discontinued operations, net of tax	$	384		$	530		$	794		$	1,035

Gain on disposal		62			30			267			30
Provision for income taxes		(22	)		(10	)		(93	)		(10	)

Gain on disposal of discontinued operations, net of tax	$	40		$	20		$	174		$	20

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Commitments and Contingencies

6 Months Ended

Jul. 31, 2011

Commitments and Contingencies Disclosure [Text Block]

Note 16. Commitments and Contingencies

The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated condensed financial statements.

One Earth has forward purchase contracts for 5.3 million bushels of corn, the principal raw material for its ethanol plant. One Earth expects to take delivery of the grain through August 2011.

One Earth has combined sales commitments for 13.0 million gallons of ethanol and 46,000 tons of distillers grains. One Earth expects to deliver the ethanol and distillers grains through August 2011.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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-Paragraph 4
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 460
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-Paragraph 8
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Segment Reporting

6 Months Ended

Jul. 31, 2011

Segment Reporting Disclosure [Text Block]

Note 17. Segment Reporting

The Company has two segments: alternative energy and real estate. The Company evaluates the performance of each reportable segment based on segment profit. Segment profit excludes income taxes, indirect interest expense, discontinued operations, indirect interest income and certain other items that are included in net income determined in accordance with GAAP. Segment profit includes realized and unrealized gains on derivative financial instruments. The following table summarizes segment and other results and assets (amounts in thousands):


	Three Months Ended July 31,						Six Months Ended July 31,
	2011			2010			2011			2010

Net sales and revenue:
Alternative energy	$	73,531		$	64,801		$	154,413		$	135,823
Real estate		320			286			652			536

Total net sales and revenues	$	73,851		$	65,087		$	155,065		$	136,359


Segment gross profit (loss):
Alternative energy	$	952		$	5,333		$	5,730		$	13,795
Real estate		(1,238	)		(299	)		(1,325	)		(373	)

Total gross (loss) profit	$	(286	)	$	5,034		$	4,405		$	13,422


	Three Months Ended July 31,						Six Months Ended July 31,
	2011			2010			2011			2010

Segment profit (loss):
Alternative energy	$	2,061		$	2,223		$	10,459		$	10,705
Real estate		(1,295	)		(343	)		(1,440	)		(488	)
Corporate expense		(608	)		(746	)		(1,232	)		(1,450	)
Interest expense		(34	)		(47	)		(76	)		(149	)
Income from synthetic fuel partnerships		2,883			—			2,883			—
Interest income		73			79			215			207

Income from continuing operations before income taxes and noncontrolling interests	$	3,080		$	1,166		$	10,809		$	8,825


	July 31, 2011		January 31, 2011

Assets:
Alternative energy	$	253,346	$	257,202
Real estate		20,191		22,235
Corporate		96,615		96,285

Total assets	$	370,152	$	375,722


	Three Months Ended July 31,						Six Months Ended July 31,
	2011			2010			2011			2010

Sales of products alternative energy segment:
Ethanol		81	%		83	%		81	%		83	%
Distillers grains		19	%		17	%		19	%		17	%

Total		100	%		100	%		100	%		100	%


Sales of services real estate segment:
Lease revenue		100	%		100	%		100	%		100	%

Certain corporate costs and expenses, including information technology, employee benefits and other shared services are allocated to the business segments. The allocations are generally amounts agreed upon by management, which may differ from amounts that would be incurred if such services were purchased separately by the business segment. Corporate assets are primarily cash and deferred income tax benefits.

Cash, except for cash held by One Earth, is considered to be fungible and available for both corporate and segment use dependent on liquidity requirements. Cash of approximately $12.2 million held by One Earth will be used to fund working capital needs for that entity.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related-Party Transactions

6 Months Ended

Jul. 31, 2011

Note 18. Related-Party Transactions

During the second quarters of fiscal year 2011 and 2010, One Earth purchased approximately $58.4 million and $33.7 million, respectively, of corn from the Alliance Grain Elevator, an equity investor in One Earth. Such purchases totaled approximately $127.8 million and $66.4 million for the six months ended July 31, 2011 and 2010, respectively.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details