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
Aegean Marine Petrol Network I COM y0017s102 9,398 1,708,680 SH   SOLE   413,998 0 1,294,682
Alexander & Baldwin Inc COM 014491104 3,119 86,311 SH   SOLE   6,264 0 80,047
Approach Resources Inc. COM 03834a103 7,788 3,708,510 SH   SOLE   2,079,178 0 1,629,332
Ardmore Shipping Corp COM y0207T100 1,964 290,157 SH   SOLE   122,484 0 167,673
Assured Guaranty Limited COM G0585R106 15,289 602,652 SH   SOLE   189,747 0 412,905
Aviat Networks Inc COM 05366y102 3,339 429,173 SH   SOLE   429,173 0 0
Axcelis Technologies Inc COM 054540109 5,407 2,009,963 SH   SOLE   1,342,065 0 667,898
Bank of Commerce Holdings COM 06424j103 105 15,969 SH   SOLE   15,969 0 0
Chesapeake Energy Corporation COM 165167107 14,965 3,496,549 SH   SOLE   723,679 0 2,772,870
Citigroup, Inc. COM 172967424 21,800 514,268 SH   SOLE   44,436 0 469,832
Citizens Bancshares Corp COM 173168105 231 31,870 SH   SOLE   31,870 0 0
Cloud Peak Energy Inc COM 18911q102 895 434,626 SH   SOLE   135,208 0 299,418
Colony Bankcorp Inc COM 19623p101 207 21,772 SH   SOLE   21,772 0 0
Commercial Metals Co COM 201723103 256 15,130 SH   SOLE   0 0 15,130
Commercial Vehicle Grp Inc COM 202608105 1,222 234,948 SH   SOLE   234,948 0 0
Consol Energy Inc COM 20854p109 35,108 2,181,960 SH   SOLE   499,918 0 1,682,042
DXP Enterprises Inc COM 233377407 4,896 327,920 SH   SOLE   327,920 0 0
Dundee Corp COM 264901109 1,164 197,900 SH   SOLE   5,000 0 192,900
Endo International Plc COM g30401106 6,941 445,225 SH   SOLE   72,525 0 372,700
First Niagara Financial Group COM 33582V108 28,612 2,937,593 SH   SOLE   836,790 0 2,100,803
Five Star Quality Care, Inc. COM 33832d106 744 317,863 SH   SOLE   317,863 0 0
Flagstar Bancorp, Inc. COM 337930705 16,469 674,688 SH   SOLE   324,724 0 349,964
Forest City Enterprises, Inc. COM 345550107 4,014 179,898 SH   SOLE   16,140 0 163,758
Forestar Group Inc COM 346233109 3,843 323,245 SH   SOLE   98,263 0 224,982
Genworth Financial, Inc. COM 37247d106 5,178 2,006,816 SH   SOLE   713,477 0 1,293,339
Hancock Holding Co. COM 410120109 1,214 46,477 SH   SOLE   46,477 0 0
Hartford Financial Svcs Grp COM 416515104 5,773 130,080 SH   SOLE   29,875 0 100,205
HomeStreet, Inc. COM 43785v102 2,127 106,785 SH   SOLE   106,785 0 0
Hudson Global Inc COM 443787106 2,482 1,259,658 SH   SOLE   659,959 0 599,699
Intevac Inc COM 461148108 3,525 620,676 SH   SOLE   620,676 0 0
Invacare Corp COM 461203101 1,777 146,505 SH   SOLE   72,077 0 74,428
JPMorgan Chase & Co COM 46625h100 1,699 27,347 SH   SOLE   4,640 0 22,707
Kemet Corp COM 488360207 4,787 1,633,817 SH   SOLE   1,068,565 0 565,252
MRC Global Inc. COM 55345k103 27,751 1,952,954 SH   SOLE   565,025 0 1,387,929
Marathon Oil Corp COM 565849106 14,224 947,641 SH   SOLE   124,119 0 823,522
ModusLink Global Solutions Inc COM 60786L206 2,015 1,638,412 SH   SOLE   699,046 0 939,366
NorthStar Realty Europe Corp. COM 66706l101 16,297 1,761,842 SH   SOLE   600,113 0 1,161,729
Northstar Realty Finance Corp COM 66704R803 2,760 241,493 SH   SOLE   148,313 0 93,180
Office Depot Inc COM 676220106 153 46,094 SH   SOLE   46,094 0 0
Old Republic International Cor COM 680223104 347 17,964 SH   SOLE   17,964 0 0
Oriental Financial Grp Inc COM 67103x102 8,138 980,471 SH   SOLE   583,017 0 397,454
Parkway Properties, Inc. COM 70159q104 10,826 647,129 SH   SOLE   125,501 0 521,628
Pulte Group COM 745867101 12,186 625,245 SH   SOLE   62,920 0 562,325
Rait Financial Trust REIT COM 749227609 108 34,591 SH   SOLE   34,591 0 0
Regions Financial Corporation COM 7591ep100 25,725 3,022,912 SH   SOLE   493,872 0 2,529,040
SM Energy Company COM 78454l100 41,155 1,524,250 SH   SOLE   555,956 0 968,294
Scorpio Tankers Inc COM y7542c106 1,554 370,114 SH   SOLE   101,822 0 268,292
Severn Bancorp Inc COM 81811m100 339 56,550 SH   SOLE   56,550 0 0
State Street Corporation COM 857477103 6,181 114,635 SH   SOLE   14,760 0 99,875
SunEdison Semiconductor, Inc. COM y8213l102 10,740 1,811,125 SH   SOLE   548,753 0 1,262,372
SunTrust Banks, Inc. COM 867914103 29,523 718,681 SH   SOLE   86,888 0 631,793
Swift Energy Co. COM 87073t105 298 11,703 SH   SOLE   1,508 0 10,195
Tailored Brands Inc COM 87403a107 2,326 183,700 SH   SOLE   7,680 0 176,020
Taylor Morrison Home Corp. Cla COM 87724p106 5,172 348,508 SH   SOLE   348,508 0 0
Terex Corporation COM 880779103 18,565 914,058 SH   SOLE   329,321 0 584,737
The Bancorp Inc COM 05969a105 1,444 239,823 SH   SOLE   239,823 0 0
Thompson Creek Metals Co Inc COM 884768102 538 1,277,692 SH   SOLE   0 0 1,277,692
UR-Energy Inc COM 91688r108 259 436,075 SH   SOLE   436,075 0 0
UTStarcom Holdings Corporation COM g9310a114 886 462,488 SH   SOLE   462,488 0 0
Unit Corp COM 909218109 3,722 239,208 SH   SOLE   31,867 0 207,341
Veeco Instruments Inc COM 922417100 3,253 196,441 SH   SOLE   12,023 0 184,418
Viad Corp COM 92552R406 707 22,808 SH   SOLE   22,808 0 0
WPX Energy Inc COM 98212b103 16,542 1,776,774 SH   SOLE   522,774 0 1,254,000
Weatherford International Limi COM G48833100 33,723 6,076,178 SH   SOLE   2,197,427 0 3,878,751
Wells Fargo Advantage Income O COM 94987b105 81 10,300 SH   SOLE   10,300 0 0
Willbros Group, Inc. COM 969203108 5,957 2,354,600 SH   SOLE   1,424,165 0 930,435
Xura Inc COM 98420v107 13,572 555,549 SH   SOLE   135,606 0 419,943
Zions Bancorporation COM 989701107 702 27,918 SH   SOLE   27,918 0 0