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
A.M. Castle & Co COM 148411101 2,393 299,825 SH   SOLE   299,825 0 0
Aegean Marine Petrol Network I COM y0017s102 21,252 1,515,817 SH   SOLE   415,151 0 1,100,666
Allstate Corp COM 020002101 6,265 89,184 SH   SOLE   20,377 0 68,807
Alpha & Omega Semiconductor COM g6331p104 578 65,351 SH   SOLE   65,351 0 0
Alumina Ltd ADS COM 022205108 390 66,342 SH   SOLE   66,342 0 0
American International Grp COM 026874784 11,451 204,438 SH   SOLE   31,325 0 173,113
Angiotech Pharmaceuticals Inc COM 034918201 79 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 15,388 8,644,844 SH   SOLE   2,534,744 0 6,110,100
Ardmore Shipping Corp COM y0207T100 3,413 285,119 SH   SOLE   140,289 0 144,830
Assured Guaranty Ltd COM G0585R106 18,095 696,243 SH   SOLE   180,006 0 516,237
Aviat Networks Inc COM 05366y102 6,970 4,646,699 SH   SOLE   4,622,073 0 24,626
Avnet Inc COM 053807103 1,476 34,303 SH   SOLE   21,282 0 13,021
Axcelis Technologies Inc COM 054540109 7,103 2,774,693 SH   SOLE   2,250,159 0 524,534
Baltic Trading Ltd. COM y0553w103 1,449 577,213 SH   SOLE   534,723 0 42,490
Bank of America Corp COM 060505104 6,827 381,635 SH   SOLE   60,636 0 320,999
Bank of Commerce Holdings COM 06424j103 142 23,766 SH   SOLE   23,766 0 0
Barclays PLC ADR COM 06738e204 9,433 628,459 SH   SOLE   47,390 0 581,069
Boeing Co COM 097023105 777 5,975 SH   SOLE   1,130 0 4,845
Bombardier Inc Cl B COM 097751200 8,107 2,268,213 SH   SOLE   214,618 0 2,053,595
Carnival Corp COM 143658300 34,667 764,767 SH   SOLE   112,584 0 652,183
Chesapeake Energy Corp COM 165167107 15,580 796,117 SH   SOLE   100,401 0 695,716
Citigroup Inc COM 172967424 43,478 803,519 SH   SOLE   51,551 0 751,968
Citizens Bancshares Corp COM 173168105 299 33,840 SH   SOLE   33,840 0 0
Colony Bankcorp Inc COM 19623p101 413 52,382 SH   SOLE   52,382 0 0
Commercial Metals Co COM 201723103 1,350 82,860 SH   SOLE   6,060 0 76,800
Commercial Vehicle Grp Inc COM 202608105 805 120,813 SH   SOLE   120,813 0 0
Comverse Inc COM 20585p105 17,613 937,836 SH   SOLE   316,177 0 621,659
Devon Energy Corp COM 25179M103 2,660 43,454 SH   SOLE   7,224 0 36,230
Dundee Corp COM 264901109 2,198 199,280 SH   SOLE   6,380 0 192,900
First American Corp COM 31847r102 15,591 459,907 SH   SOLE   160,215 0 299,692
First Citizens Banc Corp COM 319459202 312 30,380 SH   SOLE   30,380 0 0
First Horizon National Corp COM 320517105 21,251 1,564,866 SH   SOLE   512,505 0 1,052,361
First Niagara Financial Grp COM 33582V108 12,504 1,483,239 SH   SOLE   541,140 0 942,099
First South Bancorp COM 33646w100 110 13,866 SH   SOLE   13,866 0 0
First United Corp COM 33741h107 554 64,819 SH   SOLE   64,819 0 0
FirstEnergy Corp COM 337932107 1,244 31,910 SH   SOLE   5,685 0 26,225
Five Star Quality Care Inc COM 33832d106 6,721 1,619,426 SH   SOLE   1,609,426 0 10,000
Flagstar Bancorp Inc COM 337930705 33,871 2,153,273 SH   SOLE   800,766 0 1,352,507
Forest City Enterpr Inc Cl A COM 345550107 11,150 523,457 SH   SOLE   101,712 0 421,745
Forestar Group Inc COM 346233109 1,848 120,000 SH   SOLE   31,818 0 88,182
FreightCar America Inc COM 357023100 11,258 427,887 SH   SOLE   277,069 0 150,818
Genworth Financial Inc COM 37247d106 2,021 237,770 SH   SOLE   30,670 0 207,100
Hartford Financial Svcs Grp COM 416515104 31,466 754,762 SH   SOLE   94,027 0 660,735
HomeStreet Inc COM 43785v102 5,835 335,138 SH   SOLE   335,138 0 0
Hudson Global Inc COM 443787106 4,991 1,612,641 SH   SOLE   830,986 0 781,655
Insperity Inc COM 45778q107 653 19,277 SH   SOLE   2,474 0 16,803
Intervest Bancshares Corp COM 460927106 1,169 116,306 SH   SOLE   116,306 0 0
Intevac Inc COM 461148108 3,680 473,556 SH   SOLE   473,556 0 0
Intl Rectifier Corp COM 460254105 1,250 31,322 SH   SOLE   0 0 31,322
JPMorgan Chase & Co COM 46625h100 12,513 199,950 SH   SOLE   32,725 0 167,225
Kemet Corp COM 488360207 5,303 1,262,578 SH   SOLE   721,126 0 541,452
Lennar Corp COM 526057104 16,910 377,368 SH   SOLE   34,725 0 342,643
Magnachip Semiconductor Corp COM 55933j203 1,653 127,265 SH   SOLE   0 0 127,265
Mainsource Financial Grp Inc COM 56062y102 2,052 98,084 SH   SOLE   98,084 0 0
Marriott International Inc COM 571903202 35,097 449,788 SH   SOLE   79,652 0 370,136
Meritage Homes Corp COM 59001a102 5,024 139,608 SH   SOLE   33,748 0 105,860
Modine Manufacturing Co COM 607828100 1,790 131,635 SH   SOLE   62,854 0 68,781
ModusLink Global Solutions Inc COM 60786L107 6,713 1,790,007 SH   SOLE   861,640 0 928,367
Northstar Realty Finance Corp COM 66704r704 7,965 453,089 SH   SOLE   131,575 0 321,514
Office Depot Inc COM 676220106 19,706 2,298,075 SH   SOLE   609,947 0 1,688,128
Old National Bank COM 680033107 562 37,800 SH   SOLE   37,800 0 0
Orbotech Ltd COM M75253100 5,026 339,619 SH   SOLE   46,550 0 293,069
Orthofix International N.V. COM n6748l102 3,148 104,733 SH   SOLE   79,234 0 25,499
Paramount Group Inc COM 69924r108 704 37,895 SH   SOLE   6,313 0 31,582
Parke Bancorp Inc COM 700885106 406 35,137 SH   SOLE   35,137 0 0
Peabody Energy Corp COM 704549104 24,460 3,160,160 SH   SOLE   1,050,305 0 2,109,855
Peoples Bancorp of NC Inc COM 710577107 698 38,809 SH   SOLE   38,809 0 0
Piedmont Office Realty Trust I COM 720190206 8,014 425,382 SH   SOLE   147,384 0 277,998
Pulaski Financial Corp COM 745548107 936 75,922 SH   SOLE   75,922 0 0
Pulse Electronics Corp COM 74586W205 245 226,950 SH   SOLE   226,950 0 0
Redwood Trust Inc REIT COM 758075402 5,878 298,356 SH   SOLE   126,913 0 171,443
Regions Financial Corp COM 7591ep100 5,733 542,870 SH   SOLE   114,792 0 428,078
Rexford Industrial Realty Inc COM 76169c100 4,384 279,032 SH   SOLE   209,965 0 69,067
Scorpio Bulkers Inc COM y7546a106 1,793 909,964 SH   SOLE   0 0 909,964
Scorpio Tankers Inc COM y7542c106 2,350 270,400 SH   SOLE   130,700 0 139,700
Severn Bancorp Inc COM 81811m100 376 82,931 SH   SOLE   82,931 0 0
State Street Corp COM 857477103 18,106 230,652 SH   SOLE   19,036 0 211,616
Stewart Information Svcs Corp COM 860372101 697 18,807 SH   SOLE   18,807 0 0
Stolt-Nielsen Ltd COM g85080102 651 38,839 SH   SOLE   38,839 0 0
Summit Financial Group Inc COM 86606g101 239 20,300 SH   SOLE   20,300 0 0
SunEdison Semiconductor Inc COM y8213l102 789 42,490 SH   SOLE   39,890 0 2,600
SunTrust Banks Inc COM 867914103 57,427 1,370,573 SH   SOLE   180,353 0 1,190,220
Sunstone Hotel Investors Inc R COM 867892101 4,460 270,141 SH   SOLE   235,867 0 34,274
Sussex Bancorp COM 869245100 186 18,216 SH   SOLE   18,216 0 0
Swift Energy Co. COM 870738101 11,534 2,847,786 SH   SOLE   1,095,709 0 1,752,077
Symantec Corp COM 871503108 7,552 294,382 SH   SOLE   57,324 0 237,058
TTM Technologies COM 87305R109 2,091 277,700 SH   SOLE   277,700 0 0
Take-Two Interactive Softw Inc COM 874054109 8,763 312,637 SH   SOLE   111,803 0 200,834
Taylor Morrison Home Corp-A COM 87724p106 11,821 625,801 SH   SOLE   554,642 0 71,159
The Bancorp Inc COM 05969a105 647 59,379 SH   SOLE   59,379 0 0
Thompson Creek Metals Co Inc COM 884768102 8,194 4,906,305 SH   SOLE   2,264,226 0 2,642,079
Toll Brothers Inc COM 889478103 37,058 1,081,340 SH   SOLE   145,787 0 935,553
UR-Energy Inc COM 91688r108 100 115,500 SH   SOLE   115,500 0 0
UTStarcom Holdings Corporation COM g9310a114 1,246 440,190 SH   SOLE   440,190 0 0
Viasystems Group Inc. COM 92553h803 373 22,925 SH   SOLE   22,925 0 0
Voya Financial Inc COM 929089100 5,156 121,660 SH   SOLE   33,040 0 88,620
WPX Energy Inc COM 98212b103 19,344 1,663,299 SH   SOLE   502,605 0 1,160,694
Weatherford International Ltd COM G48833100 26,442 2,309,356 SH   SOLE   368,008 0 1,941,348
Willbros Group Inc COM 969203108 11,936 1,903,725 SH   SOLE   993,290 0 910,435
iShares Russell 1000 Value Ind COM 464287598 610 5,840 SH   SOLE   5,840 0 0
iShares Russell 2000 Value Ind COM 464287630 287 2,824 SH   SOLE   2,824 0 0