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 2,421 283,513 SH   SOLE   283,513 0 0
Advanced Energy Industries Inc COM 007973100 1,013 53,910 SH   SOLE   37,323 0 16,587
Aegean Marine Petrol Network I COM y0017s102 13,671 1,490,832 SH   SOLE   420,066 0 1,070,766
Alcoa Inc COM 013817101 1,365 84,820 SH   SOLE   12,595 0 72,225
Allstate Corp COM 020002101 10,833 176,522 SH   SOLE   38,887 0 137,635
Alpha & Omega Semiconductor COM g6331p104 645 68,646 SH   SOLE   68,646 0 0
Alumina Ltd ADS COM 022205108 588 99,167 SH   SOLE   99,167 0 0
American International Grp COM 026874784 13,144 243,323 SH   SOLE   31,850 0 211,473
Angiotech Pharmaceuticals Inc COM 034918201 81 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 21,663 10,218,572 SH   SOLE   3,525,001 0 6,693,571
Ardmore Shipping Corp COM y0207T100 3,604 330,688 SH   SOLE   122,658 0 208,030
Assured Guaranty Ltd COM G0585R106 16,096 726,373 SH   SOLE   207,626 0 518,747
Aviat Networks Inc COM 05366y102 8,238 4,576,864 SH   SOLE   4,552,238 0 24,626
Avid Technology Inc COM 05367p100 2,090 206,925 SH   SOLE   206,925 0 0
Axcelis Technologies Inc COM 054540109 5,970 2,999,850 SH   SOLE   2,475,316 0 524,534
Baltic Trading Ltd. COM y0553w103 539 130,075 SH   SOLE   130,075 0 0
Bank of America Corp COM 060505104 30,915 1,813,185 SH   SOLE   156,711 0 1,656,474
Bank of Commerce Holdings COM 06424j103 156 25,366 SH   SOLE   25,366 0 0
Barclays PLC ADR COM 06738e204 8,395 566,829 SH   SOLE   48,120 0 518,709
Boeing Co COM 097023105 1,422 11,165 SH   SOLE   1,940 0 9,225
Bombardier Inc Cl B COM 097751200 7,642 2,269,869 SH   SOLE   218,959 0 2,050,910
Cameco Corp COM 13321L108 498 28,225 SH   SOLE   28,225 0 0
Carnival Corp COM 143658300 27,169 676,352 SH   SOLE   113,979 0 562,373
Chesapeake Energy Corp COM 165167107 14,161 615,943 SH   SOLE   136,927 0 479,016
Citigroup Inc COM 172967424 42,013 810,744 SH   SOLE   58,776 0 751,968
Citizens Bancshares Corp COM 173168105 291 33,840 SH   SOLE   33,840 0 0
Colony Bankcorp Inc COM 19623p101 349 54,083 SH   SOLE   54,083 0 0
Columbia Property Trust COM 198287203 1,716 71,885 SH   SOLE   3,858 0 68,027
Commercial Vehicle Grp Inc COM 202608105 763 123,438 SH   SOLE   123,438 0 0
Comverse Inc COM 20585p105 21,286 953,254 SH   SOLE   331,595 0 621,659
Consol Energy Inc COM 20854p109 3,845 101,569 SH   SOLE   16,882 0 84,687
Devon Energy Corp COM 25179M103 6,956 102,031 SH   SOLE   17,300 0 84,731
Dundee Corp COM 264901109 3,122 206,070 SH   SOLE   7,570 0 198,500
First American Corp COM 31847r102 12,788 471,529 SH   SOLE   180,047 0 291,482
First Citizens Banc Corp COM 319459202 619 62,059 SH   SOLE   62,059 0 0
First Horizon National Corp COM 320517105 25,079 2,042,280 SH   SOLE   847,190 0 1,195,090
First South Bancorp COM 33646w100 133 16,466 SH   SOLE   16,466 0 0
First United Corp COM 33741h107 563 71,006 SH   SOLE   71,006 0 0
FirstEnergy Corp COM 337932107 1,139 33,930 SH   SOLE   6,025 0 27,905
Five Star Quality Care Inc COM 33832d106 6,639 1,761,030 SH   SOLE   1,751,030 0 10,000
Flagstar Bancorp Inc COM 337930705 34,893 2,073,250 SH   SOLE   823,099 0 1,250,151
Forestar Group Inc COM 346233109 3,939 222,313 SH   SOLE   33,288 0 189,025
FreightCar America Inc COM 357023100 14,716 441,917 SH   SOLE   291,099 0 150,818
Harris & Harris Group Inc COM 413833104 89 30,000 SH   SOLE   30,000 0 0
Hartford Financial Svcs Grp COM 416515104 26,786 719,097 SH   SOLE   93,012 0 626,085
HomeStreet Inc COM 43785v102 4,872 285,105 SH   SOLE   285,105 0 0
Hudson Global Inc COM 443787106 6,356 1,681,575 SH   SOLE   874,920 0 806,655
Huntington Bancshares Inc COM 446150104 1,319 135,553 SH   SOLE   19,731 0 115,822
Insperity Inc COM 45778q107 3,724 136,208 SH   SOLE   36,890 0 99,318
Intervest Bancshares Corp COM 460927106 1,164 121,731 SH   SOLE   121,731 0 0
Intevac Inc COM 461148108 3,295 494,031 SH   SOLE   494,031 0 0
Intl Rectifier Corp COM 460254105 1,229 31,322 SH   SOLE   0 0 31,322
JPMorgan Chase & Co COM 46625h100 12,099 200,850 SH   SOLE   33,625 0 167,225
Kemet Corp COM 488360207 5,121 1,242,873 SH   SOLE   701,421 0 541,452
Lennar Corp COM 526057104 27,116 698,333 SH   SOLE   86,330 0 612,003
Magnachip Semiconductor Corp COM 55933j203 1,009 86,265 SH   SOLE   0 0 86,265
Mainsource Financial Grp Inc COM 56062y102 3,033 175,814 SH   SOLE   175,814 0 0
MarineMax Inc COM 567908108 1,144 67,904 SH   SOLE   5,899 0 62,005
Market Vectors Gold Miners ETF COM 57060u100 235 11,000 SH   SOLE   11,000 0 0
Marriott International Inc COM 571903202 31,620 452,363 SH   SOLE   82,227 0 370,136
Meritage Homes Corp COM 59001a102 6,379 179,702 SH   SOLE   73,842 0 105,860
Modine Manufacturing Co COM 607828100 3,333 280,834 SH   SOLE   62,854 0 217,980
ModusLink Global Solutions Inc COM 60786L107 6,522 1,827,011 SH   SOLE   898,644 0 928,367
Navistar International Corp COM 63934E108 792 24,073 SH   SOLE   4,053 0 20,020
Northstar Asset Management Cor COM 66705Y104 761 41,311 SH   SOLE   41,311 0 0
Northstar Realty Finance Corp COM 66704r704 9,419 533,045 SH   SOLE   147,845 0 385,200
Office Depot Inc COM 676220106 23,748 4,620,158 SH   SOLE   1,439,707 0 3,180,451
Old National Bank COM 680033107 529 40,800 SH   SOLE   40,800 0 0
Orbotech Ltd COM M75253100 5,476 351,449 SH   SOLE   58,380 0 293,069
Orthofix International N.V. COM n6748l102 3,347 108,113 SH   SOLE   82,614 0 25,499
Parke Bancorp Inc COM 700885106 371 35,137 SH   SOLE   35,137 0 0
Peabody Energy Corp COM 704549104 35,234 2,846,015 SH   SOLE   881,474 0 1,964,541
Peoples Bancorp of NC Inc COM 710577107 658 38,809 SH   SOLE   38,809 0 0
Piedmont Office Realty Trust I COM 720190206 9,641 546,553 SH   SOLE   162,589 0 383,964
Powershares DB Inverse Japan COM 25154p170 291 15,741 SH   SOLE   15,741 0 0
Pulaski Financial Corp COM 745548107 937 81,462 SH   SOLE   81,462 0 0
Pulse Electronics Corp COM 74586W205 312 231,150 SH   SOLE   231,150 0 0
Redwood Trust Inc REIT COM 758075402 5,005 301,851 SH   SOLE   130,408 0 171,443
Regions Financial Corp COM 7591ep100 6,326 630,070 SH   SOLE   121,992 0 508,078
Rexford Industrial Realty Inc COM 76169c100 3,690 266,615 SH   SOLE   197,548 0 69,067
Scorpio Bulkers Inc COM y7546a106 407 70,000 SH   SOLE   0 0 70,000
Scorpio Tankers Inc COM y7542c106 249 30,000 SH   SOLE   30,000 0 0
Severn Bancorp Inc COM 81811m100 376 82,931 SH   SOLE   82,931 0 0
Stolt-Nielsen Ltd COM g85080102 815 42,089 SH   SOLE   42,089 0 0
Summit Financial Group Inc COM 86606g101 208 20,300 SH   SOLE   20,300 0 0
SunEdison Semiconductor Inc COM y8213l102 868 44,850 SH   SOLE   44,850 0 0
SunTrust Banks Inc COM 867914103 53,219 1,399,403 SH   SOLE   183,853 0 1,215,550
Sunstone Hotel Investors Inc R COM 867892101 5,542 401,035 SH   SOLE   254,062 0 146,973
Sussex Bancorp COM 869245100 190 19,416 SH   SOLE   19,416 0 0
Swift Energy Co. COM 870738101 26,198 2,728,954 SH   SOLE   976,877 0 1,752,077
Symantec Corp COM 871503108 9,759 415,082 SH   SOLE   58,024 0 357,058
TTM Technologies COM 87305R109 204 30,000 SH   SOLE   30,000 0 0
Take-Two Interactive Softw Inc COM 874054109 8,312 360,287 SH   SOLE   159,453 0 200,834
Taylor Morrison Home Corp-A COM 87724p106 10,663 657,416 SH   SOLE   586,257 0 71,159
Thompson Creek Metals Co Inc COM 884768102 10,261 4,664,150 SH   SOLE   2,035,971 0 2,628,179
Toll Brothers Inc COM 889478103 26,490 850,130 SH   SOLE   103,387 0 746,743
UTStarcom Holdings Corporation COM g9310a114 845 277,040 SH   SOLE   277,040 0 0
Weatherford International Ltd COM G48833100 33,753 1,622,746 SH   SOLE   233,938 0 1,388,808
Wet Seal Inc COM 961840105 619 1,178,350 SH   SOLE   1,178,350 0 0
Willbros Group Inc COM 969203108 5,287 634,696 SH   SOLE   475,601 0 159,095
iShares Russell 1000 Value Ind COM 464287598 1,601 16,000 SH   SOLE   6,000 0 10,000
iShares Russell 2000 Value Ind COM 464287630 1,289 13,779 SH   SOLE   13,779 0 0