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Ethanol company REX American Resources Corp. said Wednesday its board of directors has authorized a plan to repurchase up to 500,000 shares of common stock.

The authorization comes on top of the board's earlier approval to buy an additional 500,000 shares. The company said it has bought back 287,854 shares under that previous authorization for an average price of about $16.35 per share.

After those purchases, REX American Resources has about 9.1 million shares of common stock outstanding.

The company said it will buy back shares at the time of its choosing, through open market or private transactions at prevailing market prices. It will hold all shares in its treasury for possible future use.

Shares of REX American Resources fell 2 cents to close at $16.62.

The company has ownership stakes in seven ethanol production plants, controlling about 169.2 million gallons of annual capacity.

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