The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AAR Corp COM 000361105 2,226 101,270 SH   SOLE   46,115 0 55,155
ATMI Inc COM 00207r101 10,272 434,316 SH   SOLE   213,271 0 221,045
AU Optronics Corp ADS COM 002255107 1,522 439,900 SH   SOLE   171,650 0 268,250
Ace Ltd COM H0023R105 5,565 62,189 SH   SOLE   11,776 0 50,413
Aegean Marine Petrol Network I COM y0017s102 17,606 1,901,313 SH   SOLE   854,823 0 1,046,490
Alcoa Inc COM 013817101 3,536 452,223 SH   SOLE   152,248 0 299,975
Allied World Assurance Co COM h01531104 4,465 48,792 SH   SOLE   29,504 0 19,288
Allstate Corp COM 020002101 21,079 438,054 SH   SOLE   173,114 0 264,940
Alumina Ltd ADS COM 022205108 632 177,109 SH   SOLE   177,109 0 0
American International Grp COM 026874784 17,741 396,890 SH   SOLE   123,953 0 272,937
Angiotech Pharmaceuticals Inc COM 034918201 312 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 44,059 11,655,718 SH   SOLE   6,214,431 0 5,441,287
Aspen Insurance Holdings Ltd COM G05384105 4,524 121,985 SH   SOLE   121,985 0 0
Assured Guaranty Ltd COM G0585R106 19,784 896,806 SH   SOLE   456,401 0 440,405
Aviat Networks Inc COM 05366y102 5,981 2,282,869 SH   SOLE   2,258,243 0 24,626
Avid Technology Inc COM 05367p100 584 99,257 SH   SOLE   99,257 0 0
Axcelis Technologies Inc COM 054540109 5,211 2,863,106 SH   SOLE   2,236,072 0 627,034
Baltic Trading Ltd. COM y0553w103 37 10,000 SH   SOLE   10,000 0 0
Bank of America Corp COM 060505104 40,596 3,156,730 SH   SOLE   840,739 0 2,315,991
Boeing Co COM 097023105 5,738 56,015 SH   SOLE   26,735 0 29,280
Brookdale Senior Living Inc COM 112463104 12,716 480,952 SH   SOLE   228,575 0 252,377
Carnival Corp COM 143658300 13,282 387,342 SH   SOLE   164,607 0 222,735
Chesapeake Energy Corp COM 165167107 46,735 2,293,183 SH   SOLE   913,195 0 1,379,988
Cisco Systems Inc COM 17275R102 2,455 100,896 SH   SOLE   49,304 0 51,592
Citigroup Inc COM 172967424 39,748 828,597 SH   SOLE   249,854 0 578,743
Citizens Bancshares Corp COM 173168105 214 33,840 SH   SOLE   33,840 0 0
Cloud Peak Energy Inc COM 18911q102 7,542 457,629 SH   SOLE   457,629 0 0
Colony Bankcorp Inc COM 19623p101 144 21,196 SH   SOLE   21,196 0 0
Commercial Metals Co COM 201723103 687 46,500 SH   SOLE   32,360 0 14,140
Comverse Inc COM 20585p105 2,174 73,307 SH   SOLE   73,307 0 0
Consol Energy Inc COM 20854p109 6,221 229,551 SH   SOLE   110,625 0 118,926
Dell Inc COM 24702r101 8,428 632,471 SH   SOLE   244,403 0 388,068
Devon Energy Corp COM 25179M103 13,204 254,508 SH   SOLE   121,640 0 132,868
Doral Financial Corp COM 25811P886 1,876 2,259,720 SH   SOLE   2,259,720 0 0
Emeritus Corp COM 291005106 10,970 473,247 SH   SOLE   157,610 0 315,637
Employers Holdings Inc COM 292218104 4,411 180,417 SH   SOLE   150,933 0 29,484
Farmers Capital Bank Corp COM 309562106 358 16,511 SH   SOLE   16,511 0 0
Ferro Co COM 315405100 7,709 1,109,191 SH   SOLE   566,014 0 543,177
First Bancorp (PR) COM 318672706 111 15,679 SH   SOLE   15,679 0 0
First Citizens Banc Corp COM 319459202 431 59,824 SH   SOLE   59,824 0 0
First Horizon National Corp COM 320517105 40,459 3,612,407 SH   SOLE   1,647,257 0 1,965,150
First South Bancorp COM 33646w100 114 17,666 SH   SOLE   17,666 0 0
Five Star Quality Care Inc COM 33832d106 8,378 1,493,449 SH   SOLE   1,493,449 0 0
Flagstar Bancorp Inc COM 337930705 26,027 1,864,382 SH   SOLE   1,331,950 0 532,432
Flow International Corp COM 343468104 309 83,662 SH   SOLE   83,662 0 0
Forestar Group Inc COM 346233109 8,870 442,155 SH   SOLE   253,130 0 189,025
FreightCar America Inc COM 357023100 7,916 465,907 SH   SOLE   328,723 0 137,184
Genworth Financial Inc COM 37247d106 5,988 524,784 SH   SOLE   206,995 0 317,789
Hartford Financial Svcs Grp COM 416515104 18,140 586,664 SH   SOLE   283,847 0 302,817
Hecla Mining Co. COM 422704106 515 172,706 SH   SOLE   172,706 0 0
Hudson Global Inc COM 443787106 6,022 2,428,115 SH   SOLE   1,503,018 0 925,097
Huntington Bancshares Inc COM 446150104 11,687 1,484,984 SH   SOLE   749,237 0 735,747
Insight Enterprises Inc COM 45765u103 4,676 263,573 SH   SOLE   62,391 0 201,182
Insperity Inc COM 45778q107 5,540 182,831 SH   SOLE   78,625 0 104,206
Internet Capital Group Inc COM 44928d108 4,034 353,886 SH   SOLE   173,790 0 180,096
Intervest Bancshares Corp COM 460927106 219 32,789 SH   SOLE   32,789 0 0
Intevac Inc COM 461148108 2,636 465,749 SH   SOLE   465,749 0 0
Intl Rectifier Corp COM 460254105 5,738 274,041 SH   SOLE   105,136 0 168,905
JPMorgan Chase & Co COM 46625h100 16,302 308,810 SH   SOLE   143,680 0 165,130
Kemet Corp COM 488360207 6,192 1,506,534 SH   SOLE   944,925 0 561,609
KeyCorp COM 493267108 5,208 471,780 SH   SOLE   224,345 0 247,435
LG Philips LCD Co Ltd ADS COM 50186v102 861 72,518 SH   SOLE   34,540 0 37,978
LNB Bancorp Inc COM 502100100 222 25,869 SH   SOLE   25,869 0 0
Lennar Corp COM 526057104 5,569 154,510 SH   SOLE   72,840 0 81,670
Magna International Inc COM 559222401 9,623 135,111 SH   SOLE   66,068 0 69,043
Magnachip Semiconductor Corp COM 55933j203 3,518 192,537 SH   SOLE   189,497 0 3,040
Mainsource Financial Grp Inc COM 56062y102 4,908 365,434 SH   SOLE   365,434 0 0
MarineMax Inc COM 567908108 12,369 1,091,680 SH   SOLE   531,180 0 560,500
Marriot International Inc COM 571903202 22,418 555,309 SH   SOLE   247,210 0 308,099
Meritage Homes Corp COM 59001a102 32,741 755,087 SH   SOLE   484,532 0 270,555
Meritor Inc COM 59001k100 83 11,800 SH   SOLE   11,800 0 0
Modine Manufacturing Co COM 607828100 5,292 486,369 SH   SOLE   201,790 0 284,579
ModusLink Global Solutions Inc COM 60786L107 6,844 2,152,329 SH   SOLE   1,322,001 0 830,328
Monster Worldwide Inc COM 611742107 1,087 221,296 SH   SOLE   200,420 0 20,876
Morgan Stanley COM 617446448 5,183 212,169 SH   SOLE   101,045 0 111,124
NRG Energy Inc COM 629377508 5,872 219,921 SH   SOLE   102,885 0 117,036
NVR Inc COM 62944t105 8,508 9,228 SH   SOLE   4,044 0 5,184
Navios Maritime Holdings Inc COM y62196103 59 10,500 SH   SOLE   10,500 0 0
Navistar International Corp COM 63934E108 10,829 390,107 SH   SOLE   218,103 0 172,004
Northstar Realty Finance Corp COM 66704R100 20,515 2,254,345 SH   SOLE   1,128,600 0 1,125,745
Officemax Inc COM 67622P101 20,839 2,037,085 SH   SOLE   932,950 0 1,104,135
Old Republic Intl Corp COM 680223104 2,438 189,410 SH   SOLE   35,210 0 154,200
Orbotech Ltd COM M75253100 6,016 483,574 SH   SOLE   190,505 0 293,069
Orient Express Hotels Ltd COM G67743107 3,058 251,462 SH   SOLE   115,905 0 135,557
Orthofix International N.V. COM n6748l102 551 20,484 SH   SOLE   5,785 0 14,699
Parke Bancorp Inc COM 700885106 267 34,828 SH   SOLE   34,828 0 0
Peabody Energy Corp COM 704549104 33,609 2,295,706 SH   SOLE   798,163 0 1,497,543
Peoples Bancorp of NC Inc COM 710577107 501 38,809 SH   SOLE   38,809 0 0
Powershares DB Inverse Japan COM 25154p170 319 16,341 SH   SOLE   16,341 0 0
Pulse Electronics Corp COM 74586W205 423 161,389 SH   SOLE   161,389 0 0
R.G. Barry Corp COM 068798107 2,551 157,059 SH   SOLE   157,059 0 0
Redwood Trust Inc REIT COM 758075402 6,638 390,482 SH   SOLE   199,604 0 190,878
Regions Financial Corp COM 7591ep100 22,529 2,363,964 SH   SOLE   1,433,556 0 930,408
SPDR Gold Trust COM 78463v107 208 1,750 SH   SOLE   1,750 0 0
STR Holdings Inc COM 78478v100 179 78,884 SH   SOLE   78,884 0 0
Severn Bancorp Inc COM 81811m100 360 77,381 SH   SOLE   77,381 0 0
Shore Bancshares Inc COM 825107105 315 42,779 SH   SOLE   42,779 0 0
Standard Pacific Corp COM 85375C101 12,066 1,448,478 SH   SOLE   1,136,608 0 311,870
Stillwater Mining Company COM 86074Q102 726 67,623 SH   SOLE   67,623 0 0
Strategic Hotels & Resorts Inc COM 86272t106 10,037 1,132,868 SH   SOLE   649,553 0 483,315
Summit Financial Group Inc COM 86606g101 167 20,200 SH   SOLE   20,200 0 0
SunTrust Banks Inc COM 867914103 64,978 2,058,226 SH   SOLE   741,911 0 1,316,315
Sussex Bancorp COM 869245100 238 38,756 SH   SOLE   38,756 0 0
Take-Two Interactive Softw Inc COM 874054109 12,243 817,868 SH   SOLE   417,938 0 399,930
Taylor Morrison Home Corp-A COM 87724p106 3,360 137,809 SH   SOLE   81,270 0 56,539
Terex Corp COM 880779103 1,338 50,882 SH   SOLE   44,392 0 6,490
Thomas Properties Group Inc COM 884453101 2,419 456,437 SH   SOLE   456,437 0 0
Thompson Creek Metals Co Inc COM 884768102 6,734 2,222,401 SH   SOLE   1,550,800 0 671,601
Toll Brothers Inc COM 889478103 47,084 1,442,966 SH   SOLE   431,343 0 1,011,623
US Airways Group Inc COM 90341w108 8,805 536,253 SH   SOLE   325,893 0 210,360
United Bancorp Inc COM 90944l103 672 120,000 SH   SOLE   120,000 0 0
Vanguard FTSE Emerging Markets COM 922042858 369 9,500 SH   SOLE   9,500 0 0
WPX Energy Inc COM 98212b103 22,301 1,177,467 SH   SOLE   804,847 0 372,620
WR Berkley Corp COM 084423102 3,517 86,086 SH   SOLE   41,400 0 44,686
Weatherford International Ltd COM H27013103 23,690 1,729,188 SH   SOLE   639,748 0 1,089,440
Wet Seal Inc COM 961840105 773 163,817 SH   SOLE   163,817 0 0
Willbros Group Inc COM 969203108 5,283 860,396 SH   SOLE   770,801 0 89,595
Xyratex Ltd COM g98268108 1,450 144,148 SH   SOLE   144,148 0 0
iShares MSCI Global Gold Miner COM 464286335 200 20,000 SH   SOLE   20,000 0 0
iShares MSCI Mexico Index Fund COM 464286822 476 7,300 SH   SOLE   7,300 0 0
iShares Russell 1000 Value Ind COM 464287598 452 5,395 SH   SOLE   5,395 0 0
iShares Russell 2000 Value Ind COM 464287630 3,942 45,894 SH   SOLE   45,894 0 0
iShares Russell Midcap Value I COM 464287473 290 5,000 SH   SOLE   2,890 0 2,110
First Bancorp (PR) Pfd 7.40% PRD 318672409 809 37,607 SH   SOLE   37,607 0 0