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 15,611 1,547,202 SH   SOLE   425,236 0 1,121,966
Alcoa Inc COM 013817101 2,097 140,808 SH   SOLE   24,793 0 116,015
Allstate Corp COM 020002101 11,529 196,347 SH   SOLE   43,712 0 152,635
Alpha & Omega Semiconductor COM g6331p104 631 68,021 SH   SOLE   68,021 0 0
Alumina Ltd ADS COM 022205108 656 128,692 SH   SOLE   128,692 0 0
American International Grp COM 026874784 15,282 279,998 SH   SOLE   34,305 0 245,693
Angiotech Pharmaceuticals Inc COM 034918201 85 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 41,097 11,259,586 SH   SOLE   4,366,399 0 6,893,187
Ardmore Shipping Corp COM y0207T100 3,015 218,029 SH   SOLE   105,149 0 112,880
Assured Guaranty Ltd COM G0585R106 17,799 726,499 SH   SOLE   199,941 0 526,558
Aviat Networks Inc COM 05366y102 6,056 4,731,098 SH   SOLE   4,706,472 0 24,626
Avid Technology Inc COM 05367p100 2,747 371,253 SH   SOLE   371,253 0 0
Axcelis Technologies Inc COM 054540109 6,108 3,054,050 SH   SOLE   2,529,516 0 524,534
Bank of America Corp COM 060505104 31,648 2,059,060 SH   SOLE   172,586 0 1,886,474
Bank of Commerce Holdings COM 06424j103 214 33,855 SH   SOLE   33,855 0 0
Barclays PLC ADR COM 06738e204 8,536 584,254 SH   SOLE   55,545 0 528,709
Boeing Co COM 097023105 2,015 15,840 SH   SOLE   2,915 0 12,925
Bombardier Inc Cl B COM 097751200 8,043 2,275,594 SH   SOLE   234,684 0 2,040,910
Brookdale Senior Living Inc COM 112463104 2,744 82,295 SH   SOLE   14,342 0 67,953
CAE Inc COM 124765108 131 10,000 SH   SOLE   0 0 10,000
Cameco Corp COM 13321L108 553 28,200 SH   SOLE   28,200 0 0
Carnival Corp COM 143658300 21,549 572,352 SH   SOLE   109,114 0 463,238
Chesapeake Energy W/I COM 165167107 17,757 599,287 SH   SOLE   147,096 0 452,191
Citigroup Inc COM 172967424 38,128 809,519 SH   SOLE   57,551 0 751,968
Citizens Bancshares Corp COM 173168105 302 33,840 SH   SOLE   33,840 0 0
Cloud Peak Energy Inc COM 18911q102 4,608 250,147 SH   SOLE   250,147 0 0
Colony Bankcorp Inc COM 19623p101 334 52,883 SH   SOLE   52,883 0 0
Columbia Property Trust COM 198287203 1,952 75,060 SH   SOLE   13,563 0 61,497
Commercial Vehicle Grp Inc COM 202608105 1,143 113,888 SH   SOLE   113,888 0 0
Comverse Inc COM 20585p105 26,734 1,002,015 SH   SOLE   345,420 0 656,595
Consol Energy Inc COM 20854p109 7,000 151,939 SH   SOLE   27,612 0 124,327
Devon Energy Corp COM 25179M103 8,220 103,531 SH   SOLE   18,800 0 84,731
Dundee Corp COM 264901109 3,342 207,445 SH   SOLE   8,945 0 198,500
Equity Lifestyles Properties R COM 29472r108 442 10,000 SH   SOLE   0 0 10,000
First American Corp COM 31847r102 11,869 427,108 SH   SOLE   176,583 0 250,525
First Bancorp (PR) COM 318672706 312 57,275 SH   SOLE   47,710 0 9,565
First Citizens Banc Corp COM 319459202 587 65,159 SH   SOLE   65,159 0 0
First Horizon National Corp COM 320517105 25,573 2,156,275 SH   SOLE   896,490 0 1,259,785
First South Bancorp COM 33646w100 132 16,466 SH   SOLE   16,466 0 0
First United Corp COM 33741h107 626 71,406 SH   SOLE   71,406 0 0
FirstEnergy Corp COM 337932107 1,191 34,305 SH   SOLE   6,400 0 27,905
Five Star Quality Care Inc COM 33832d106 9,283 1,852,955 SH   SOLE   1,842,955 0 10,000
Flagstar Bancorp Inc COM 337930705 39,092 2,159,799 SH   SOLE   850,790 0 1,309,009
Forestar Group Inc COM 346233109 4,489 235,163 SH   SOLE   46,138 0 189,025
FreightCar America Inc COM 357023100 10,898 435,242 SH   SOLE   274,424 0 160,818
Hartford Financial Svcs Grp COM 416515104 20,661 576,952 SH   SOLE   94,627 0 482,325
HomeStreet Inc COM 43785v102 5,108 278,055 SH   SOLE   278,055 0 0
Hudson Global Inc COM 443787106 6,759 1,719,829 SH   SOLE   910,698 0 809,131
Huntington Bancshares Inc COM 446150104 1,590 166,668 SH   SOLE   28,466 0 138,202
Insight Enterprises Inc COM 45765u103 1,248 40,612 SH   SOLE   0 0 40,612
Insperity Inc COM 45778q107 4,554 138,008 SH   SOLE   38,690 0 99,318
Intervest Bancshares Corp COM 460927106 988 127,656 SH   SOLE   127,656 0 0
Intevac Inc COM 461148108 3,326 415,191 SH   SOLE   415,191 0 0
Intl Rectifier Corp COM 460254105 1,600 57,342 SH   SOLE   18,855 0 38,487
JPMorgan Chase & Co COM 46625h100 11,737 203,700 SH   SOLE   36,475 0 167,225
Kemet Corp COM 488360207 6,101 1,061,013 SH   SOLE   519,561 0 541,452
KeyCorp COM 493267108 1,510 105,380 SH   SOLE   17,215 0 88,165
Lennar Corp COM 526057104 30,858 735,073 SH   SOLE   98,660 0 636,413
Magna International Inc COM 559222401 369 3,422 SH   SOLE   915 0 2,507
Magnachip Semiconductor Corp COM 55933j203 1,085 76,934 SH   SOLE   0 0 76,934
Mainsource Financial Grp Inc COM 56062y102 3,847 223,006 SH   SOLE   223,006 0 0
MarineMax Inc COM 567908108 8,840 528,077 SH   SOLE   250,807 0 277,270
Marriott International Inc COM 571903202 27,827 434,124 SH   SOLE   89,727 0 344,397
Meritage Homes Corp COM 59001a102 9,375 222,097 SH   SOLE   116,237 0 105,860
Modine Manufacturing Co COM 607828100 4,531 287,880 SH   SOLE   67,000 0 220,880
ModusLink Global Solutions Inc COM 60786L107 7,091 1,895,977 SH   SOLE   907,470 0 988,507
Navistar International Corp COM 63934E108 2,698 71,976 SH   SOLE   24,582 0 47,394
Northstar Realty Finance Corp COM 66704r704 3,427 197,190 SH   SOLE   197,190 0 0
Northstar Realty Finance Corp COM 66704r704 1,008 60,000 SH   SOLE   57,350 0 2,650
Office Depot Inc COM 676220106 27,931 4,908,704 SH   SOLE   1,583,747 0 3,324,957
Orbotech Ltd COM M75253100 5,422 357,149 SH   SOLE   64,080 0 293,069
Orthofix International N.V. COM n6748l102 4,058 111,938 SH   SOLE   86,439 0 25,499
Parke Bancorp Inc COM 700885106 409 35,137 SH   SOLE   35,137 0 0
Peabody Energy Corp COM 704549104 38,619 2,362,023 SH   SOLE   452,102 0 1,909,921
Peoples Bancorp of NC Inc COM 710577107 621 38,809 SH   SOLE   38,809 0 0
Piedmont Office Realty Trust I COM 720190206 10,272 542,326 SH   SOLE   158,864 0 383,462
Powershares DB Inverse Japan COM 25154p170 294 15,741 SH   SOLE   15,741 0 0
Pulaski Financial Corp COM 745548107 1,017 89,245 SH   SOLE   89,245 0 0
Pulse Electronics Corp COM 74586W205 595 238,000 SH   SOLE   238,000 0 0
R.G. Barry Corp COM 068798107 2,212 116,739 SH   SOLE   116,739 0 0
Redwood Trust Inc REIT COM 758075402 6,190 317,936 SH   SOLE   137,108 0 180,828
Regions Financial Corp COM 7591ep100 5,939 559,193 SH   SOLE   139,442 0 419,751
Rexford Industrial Realty Inc COM 76169c100 1,548 108,742 SH   SOLE   87,825 0 20,917
Severn Bancorp Inc COM 81811m100 385 82,931 SH   SOLE   82,931 0 0
Shore Bancshares Inc COM 825107105 174 19,339 SH   SOLE   19,339 0 0
Strategic Hotels & Resorts Inc COM 86272t106 7,697 657,284 SH   SOLE   394,325 0 262,959
Summit Financial Group Inc COM 86606g101 216 20,300 SH   SOLE   20,300 0 0
SunEdison Semiconductor Inc COM y8213l102 840 49,600 SH   SOLE   49,600 0 0
SunTrust Banks Inc COM 867914103 57,939 1,446,308 SH   SOLE   198,103 0 1,248,205
Sunstone Hotel Investors Inc R COM 867892101 2,425 162,448 SH   SOLE   18,360 0 144,088
Sussex Bancorp COM 869245100 266 28,836 SH   SOLE   28,836 0 0
Swift Energy Co. COM 870738101 36,802 2,835,264 SH   SOLE   995,477 0 1,839,787
Symantec Corp COM 871503108 9,889 431,842 SH   SOLE   63,524 0 368,318
Take-Two Interactive Softw Inc COM 874054109 8,574 385,532 SH   SOLE   163,853 0 221,679
Taylor Morrison Home Corp-A COM 87724p106 14,977 668,035 SH   SOLE   575,526 0 92,509
Terreno Realty Corp COM 88146m101 789 40,800 SH   SOLE   104 0 40,696
Thompson Creek Metals Co Inc COM 884768102 12,714 4,295,275 SH   SOLE   1,684,046 0 2,611,229
Toll Brothers Inc COM 889478103 33,096 896,920 SH   SOLE   114,232 0 782,688
United Bancorp Inc COM 90944l103 1,247 100,000 SH   SOLE   100,000 0 0
WPX Energy Inc COM 98212b103 1,947 81,415 SH   SOLE   14,261 0 67,154
Weatherford International Ltd COM G48833100 38,749 1,684,736 SH   SOLE   266,038 0 1,418,698
Wet Seal Inc COM 961840105 1,152 1,265,825 SH   SOLE   1,265,825 0 0
Willbros Group Inc COM 969203108 7,232 585,596 SH   SOLE   496,001 0 89,595
iShares Russell 1000 Value Ind COM 464287598 1,528 15,090 SH   SOLE   3,445 0 11,645
iShares Russell 2000 Value Ind COM 464287630 202 1,958 SH   SOLE   1,958 0 0
iShares Russell Midcap Value I COM 464287473 315 4,336 SH   SOLE   2,509 0 1,827