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
ATMI Inc COM 00207r101 11,516 338,597 SH   SOLE   124,252 0 214,345
AU Optronics Corp ADS COM 002255107 11,522 3,310,970 SH   SOLE   462,559 0 2,848,411
Aegean Marine Petrol Network I COM y0017s102 15,200 1,541,582 SH   SOLE   430,970 0 1,110,612
Alcoa Inc COM 013817101 2,299 178,598 SH   SOLE   45,183 0 133,415
Allstate Corp COM 020002101 11,308 199,857 SH   SOLE   44,597 0 155,260
Alpha & Omega Semiconductor COM g6331p104 437 59,397 SH   SOLE   59,397 0 0
Alumina Ltd ADS COM 022205108 648 146,342 SH   SOLE   146,342 0 0
American International Grp COM 026874784 12,675 253,458 SH   SOLE   32,360 0 221,098
Angiotech Pharmaceuticals Inc COM 034918201 109 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 45,024 9,341,167 SH   SOLE   3,546,115 0 5,795,052
Ardmore Shipping Corp COM y0207T100 2,594 195,029 SH   SOLE   106,949 0 88,080
Assured Guaranty Ltd COM G0585R106 18,415 727,294 SH   SOLE   203,474 0 523,820
Aviat Networks Inc COM 05366y102 6,330 3,981,076 SH   SOLE   3,956,450 0 24,626
Avid Technology Inc COM 05367p100 2,321 380,528 SH   SOLE   380,528 0 0
Axcelis Technologies Inc COM 054540109 4,624 2,150,624 SH   SOLE   1,626,090 0 524,534
Bank of America Corp COM 060505104 30,803 1,790,901 SH   SOLE   176,828 0 1,614,073
Bank of Commerce Holdings COM 06424j103 228 33,855 SH   SOLE   33,855 0 0
Barclays PLC ADR COM 06738e204 11,545 735,327 SH   SOLE   65,018 0 670,309
Boeing Co COM 097023105 2,379 18,960 SH   SOLE   3,505 0 15,455
Bombardier Inc Cl B COM 097751200 8,203 2,207,554 SH   SOLE   202,494 0 2,005,060
Brookdale Senior Living Inc COM 112463104 4,249 126,790 SH   SOLE   22,817 0 103,973
Cameco Corp COM 13321L108 229 10,000 SH   SOLE   10,000 0 0
Carnival Corp COM 143658300 20,268 535,332 SH   SOLE   98,317 0 437,015
Chesapeake Energy Corp COM 165167107 22,370 873,128 SH   SOLE   167,874 0 705,254
Citigroup Inc COM 172967424 37,846 795,079 SH   SOLE   55,426 0 739,653
Citizens Bancshares Corp COM 173168105 242 33,840 SH   SOLE   33,840 0 0
Cloud Peak Energy Inc COM 18911q102 4,870 230,387 SH   SOLE   230,387 0 0
Colombia Property Trust COM 198287203 1,181 43,350 SH   SOLE   8,013 0 35,337
Colony Bankcorp Inc COM 19623p101 279 45,483 SH   SOLE   45,483 0 0
Commercial Vehicle Grp Inc COM 202608105 1,534 168,238 SH   SOLE   168,238 0 0
Comverse Inc COM 20585p105 1,993 57,647 SH   SOLE   57,647 0 0
Consol Energy Inc COM 20854p109 6,028 150,884 SH   SOLE   27,942 0 122,942
Devon Energy Corp COM 25179M103 7,072 105,661 SH   SOLE   19,555 0 86,106
Dundee Corp COM 264901109 3,024 211,920 SH   SOLE   20,920 0 191,000
Emeritus Corp COM 291005106 469 14,928 SH   SOLE   11,158 0 3,770
First American Corp COM 31847r102 9,991 376,299 SH   SOLE   170,024 0 206,275
First Bancorp (PR) COM 318672706 1,009 185,452 SH   SOLE   185,452 0 0
First Citizens Banc Corp COM 319459202 601 65,159 SH   SOLE   65,159 0 0
First Horizon National Corp COM 320517105 31,645 2,564,413 SH   SOLE   1,017,428 0 1,546,985
First South Bancorp COM 33646w100 154 17,666 SH   SOLE   17,666 0 0
First United Corp COM 33741h107 543 71,406 SH   SOLE   71,406 0 0
FirstEnergy Corp COM 337932107 1,184 34,795 SH   SOLE   6,440 0 28,355
Five Star Quality Care Inc COM 33832d106 9,040 1,860,115 SH   SOLE   1,850,115 0 10,000
Flagstar Bancorp Inc COM 337930705 41,472 1,866,440 SH   SOLE   853,910 0 1,012,530
Forestar Group Inc COM 346233109 4,515 253,663 SH   SOLE   64,638 0 189,025
FreightCar America Inc COM 357023100 9,232 397,242 SH   SOLE   256,424 0 140,818
Hartford Financial Svcs Grp COM 416515104 20,967 594,482 SH   SOLE   96,582 0 497,900
Hecla Mining Co. COM 422704106 67 21,966 SH   SOLE   21,966 0 0
HomeStreet Inc COM 43785v102 3,175 162,390 SH   SOLE   162,390 0 0
Hudson Global Inc COM 443787106 6,667 1,763,656 SH   SOLE   935,348 0 828,308
Huntington Bancshares Inc COM 446150104 2,829 283,728 SH   SOLE   51,326 0 232,402
Insight Enterprises Inc COM 45765u103 4,224 168,220 SH   SOLE   18,076 0 150,144
Insperity Inc COM 45778q107 4,465 144,121 SH   SOLE   39,915 0 104,206
Intervest Bancshares Corp COM 460927106 317 42,489 SH   SOLE   42,489 0 0
Intevac Inc COM 461148108 4,161 429,016 SH   SOLE   429,016 0 0
Intl Rectifier Corp COM 460254105 3,251 118,662 SH   SOLE   27,125 0 91,537
JPMorgan Chase & Co COM 46625h100 10,924 179,935 SH   SOLE   32,065 0 147,870
Kemet Corp COM 488360207 6,282 1,081,237 SH   SOLE   521,986 0 559,251
KeyCorp COM 493267108 3,039 213,430 SH   SOLE   37,305 0 176,125
LG Display Co Ltd ADS COM 50186v102 268 21,424 SH   SOLE   3,327 0 18,097
Lennar Corp COM 526057104 29,633 747,923 SH   SOLE   106,360 0 641,563
Magna International Inc COM 559222401 2,685 27,876 SH   SOLE   5,612 0 22,264
Mainsource Financial Grp Inc COM 56062y102 4,705 275,143 SH   SOLE   275,143 0 0
MarineMax Inc COM 567908108 11,200 737,352 SH   SOLE   259,482 0 477,870
Marriot International Inc COM 571903202 24,341 434,499 SH   SOLE   94,977 0 339,522
Meritage Homes Corp COM 59001a102 13,505 322,467 SH   SOLE   204,162 0 118,305
Modine Manufacturing Co COM 607828100 5,222 356,458 SH   SOLE   79,179 0 277,279
ModusLink Global Solutions Inc COM 60786L107 8,151 1,926,877 SH   SOLE   930,395 0 996,482
Morgan Stanley COM 617446448 971 31,154 SH   SOLE   5,720 0 25,434
Navistar International Corp COM 63934E108 5,203 153,606 SH   SOLE   46,722 0 106,884
Northstar Realty Finance Corp COM 66704R100 6,758 418,740 SH   SOLE   418,740 0 0
Office Depot Inc COM 676220106 19,166 4,640,699 SH   SOLE   1,593,936 0 3,046,763
Orbotech Ltd COM M75253100 5,491 356,774 SH   SOLE   63,705 0 293,069
Orient Express Hotels Ltd COM G67743107 146 10,148 SH   SOLE   1,959 0 8,189
Orthofix International N.V. COM n6748l102 3,618 119,993 SH   SOLE   94,494 0 25,499
Parke Bancorp Inc COM 700885106 401 36,137 SH   SOLE   36,137 0 0
Peabody Energy Corp COM 704549104 37,572 2,299,383 SH   SOLE   453,292 0 1,846,091
Peoples Bancorp of NC Inc COM 710577107 605 38,809 SH   SOLE   38,809 0 0
Piedmont Office Realty Trust I COM 720190206 9,374 546,576 SH   SOLE   162,171 0 384,405
Powershares DB 3x Inverse Japa COM 25154p188 169 10,000 SH   SOLE   10,000 0 0
Powershares DB Inverse Japan COM 25154p170 297 15,741 SH   SOLE   15,741 0 0
Pulaski Financial Corp COM 745548107 868 82,281 SH   SOLE   82,281 0 0
Pulse Electronics Corp COM 74586W205 821 213,350 SH   SOLE   213,350 0 0
R.G. Barry Corp COM 068798107 2,263 119,864 SH   SOLE   119,864 0 0
Redwood Trust Inc REIT COM 758075402 6,812 335,886 SH   SOLE   142,833 0 193,053
Regions Financial Corp COM 7591ep100 7,799 702,003 SH   SOLE   231,442 0 470,561
Rexford Industrial Realty Inc COM 76169c100 1,399 98,642 SH   SOLE   77,725 0 20,917
Severn Bancorp Inc COM 81811m100 377 82,931 SH   SOLE   82,931 0 0
Shore Bancshares Inc COM 825107105 432 45,379 SH   SOLE   45,379 0 0
Stillwater Mining Company COM 86074Q102 344 23,233 SH   SOLE   23,233 0 0
Strategic Hotels & Resorts Inc COM 86272t106 9,049 887,995 SH   SOLE   436,380 0 451,615
Summit Financial Group Inc COM 86606g101 208 20,300 SH   SOLE   20,300 0 0
SunTrust Banks Inc COM 867914103 58,069 1,459,393 SH   SOLE   202,013 0 1,257,380
Sussex Bancorp COM 869245100 457 52,638 SH   SOLE   52,638 0 0
Swift Energy Co. COM 870738101 18,512 1,720,412 SH   SOLE   775,037 0 945,375
Symantec Corp COM 871503108 8,993 450,307 SH   SOLE   65,314 0 384,993
Take-Two Interactive Softw Inc COM 874054109 8,820 402,182 SH   SOLE   177,878 0 224,304
Taylor Morrison Home Corp-A COM 87724p106 13,980 594,885 SH   SOLE   523,726 0 71,159
Thompson Creek Metals Co Inc COM 884768102 9,110 4,179,010 SH   SOLE   1,590,831 0 2,588,179
Toll Brothers Inc COM 889478103 32,547 906,590 SH   SOLE   116,902 0 789,688
United Bancorp Inc COM 90944l103 1,230 100,000 SH   SOLE   100,000 0 0
WPX Energy Inc COM 98212b103 3,019 167,445 SH   SOLE   30,601 0 136,844
Weatherford International Ltd COM H27013103 38,823 2,236,361 SH   SOLE   395,203 0 1,841,158
Wet Seal Inc COM 961840105 218 164,947 SH   SOLE   164,947 0 0
Willbros Group Inc COM 969203108 7,729 612,446 SH   SOLE   512,851 0 99,595
Xyratex Ltd COM g98268108 1,446 109,218 SH   SOLE   109,218 0 0
iShares Russell 1000 Value Ind COM 464287598 1,324 13,720 SH   SOLE   1,875 0 11,845
iShares Russell 2000 Value Ind COM 464287630 541 5,367 SH   SOLE   5,367 0 0
iShares Russell Midcap Value I COM 464287473 561 8,163 SH   SOLE   4,330 0 3,833