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 10,467 346,472 SH   SOLE   131,427 0 215,045
AU Optronics Corp ADS COM 002255107 15,986 5,123,820 SH   SOLE   1,367,680 0 3,756,140
Aegean Marine Petrol Network I COM y0017s102 19,172 1,708,698 SH   SOLE   609,153 0 1,099,545
Alcoa Inc COM 013817101 3,882 365,198 SH   SOLE   140,213 0 224,985
Allstate Corp COM 020002101 16,418 301,035 SH   SOLE   138,295 0 162,740
Alpha & Omega Semiconductor COM g6331p104 406 52,621 SH   SOLE   52,621 0 0
Alumina Ltd ADS COM 022205108 503 127,017 SH   SOLE   127,017 0 0
American International Grp COM 026874784 20,165 395,001 SH   SOLE   145,163 0 249,838
Angiotech Pharmaceuticals Inc COM 034918201 169 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 48,413 10,879,367 SH   SOLE   5,150,465 0 5,728,902
Ardmore Shipping Corp COM y0207T100 1,169 75,124 SH   SOLE   75,124 0 0
Assured Guaranty Ltd COM G0585R106 21,776 923,124 SH   SOLE   386,964 0 536,160
Aviat Networks Inc COM 05366y102 8,260 3,654,866 SH   SOLE   3,630,240 0 24,626
Avid Technology Inc COM 05367p100 3,449 423,218 SH   SOLE   423,218 0 0
Axcelis Technologies Inc COM 054540109 5,308 2,175,254 SH   SOLE   1,650,720 0 524,534
Baltic Trading Ltd. COM y0553w103 648 100,590 SH   SOLE   100,590 0 0
Bank of America Corp COM 060505104 47,752 3,066,905 SH   SOLE   827,934 0 2,238,971
Bank of Commerce Holdings COM 06424j103 193 33,855 SH   SOLE   33,855 0 0
Barclays PLC ADR COM 06738e204 3,592 198,143 SH   SOLE   70,309 0 127,834
Boeing Co COM 097023105 5,705 41,795 SH   SOLE   20,745 0 21,050
Brookdale Senior Living Inc COM 112463104 11,822 434,962 SH   SOLE   215,610 0 219,352
Carnival Corp COM 143658300 26,628 662,887 SH   SOLE   239,117 0 423,770
Chesapeake Energy Corp COM 165167107 52,896 1,949,001 SH   SOLE   642,078 0 1,306,923
Cisco Systems Inc COM 17275R102 691 30,786 SH   SOLE   16,664 0 14,122
Citigroup Inc COM 172967424 46,266 887,852 SH   SOLE   247,569 0 640,283
Citizens Bancshares Corp COM 173168105 205 33,840 SH   SOLE   33,840 0 0
Cloud Peak Energy Inc COM 18911q102 6,122 340,096 SH   SOLE   340,096 0 0
Colony Bankcorp Inc COM 19623p101 187 30,683 SH   SOLE   30,683 0 0
Commercial Vehicle Grp Inc COM 202608105 1,230 169,148 SH   SOLE   169,148 0 0
Comverse Inc COM 20585p105 2,282 58,822 SH   SOLE   58,822 0 0
Consol Energy Inc COM 20854p109 8,935 234,886 SH   SOLE   116,760 0 118,126
Devon Energy Corp COM 25179M103 10,980 177,471 SH   SOLE   88,610 0 88,861
Emeritus Corp COM 291005106 9,893 457,369 SH   SOLE   140,072 0 317,297
First American Corp COM 31847r102 5,612 199,019 SH   SOLE   135,809 0 63,210
First Citizens Banc Corp COM 319459202 425 65,159 SH   SOLE   65,159 0 0
First Horizon National Corp COM 320517105 30,524 2,620,123 SH   SOLE   1,012,388 0 1,607,735
First South Bancorp COM 33646w100 138 17,666 SH   SOLE   17,666 0 0
First United Corp COM 33741h107 420 54,779 SH   SOLE   54,779 0 0
FirstEnergy Corp COM 337932107 990 30,021 SH   SOLE   15,031 0 14,990
Five Star Quality Care Inc COM 33832d106 8,909 1,622,804 SH   SOLE   1,622,804 0 0
Flagstar Bancorp Inc COM 337930705 30,142 1,536,310 SH   SOLE   870,850 0 665,460
Flow International Corp COM 343468104 265 65,664 SH   SOLE   65,664 0 0
Forestar Group Inc COM 346233109 7,212 339,065 SH   SOLE   150,040 0 189,025
FreightCar America Inc COM 357023100 9,402 353,179 SH   SOLE   215,995 0 137,184
Genworth Financial Inc COM 37247d106 1,531 98,559 SH   SOLE   48,385 0 50,174
Hartford Financial Svcs Grp COM 416515104 33,111 913,917 SH   SOLE   307,742 0 606,175
Hecla Mining Co. COM 422704106 130 42,366 SH   SOLE   42,366 0 0
HomeStreet Inc COM 43785v102 1,104 55,187 SH   SOLE   55,187 0 0
Hudson Global Inc COM 443787106 7,266 1,807,361 SH   SOLE   949,802 0 857,559
Huntington Bancshares Inc COM 446150104 5,456 565,416 SH   SOLE   285,025 0 280,391
Insight Enterprises Inc COM 45765u103 3,820 168,220 SH   SOLE   18,076 0 150,144
Insperity Inc COM 45778q107 5,236 144,926 SH   SOLE   40,720 0 104,206
Intervest Bancshares Corp COM 460927106 208 27,689 SH   SOLE   27,689 0 0
Intevac Inc COM 461148108 3,272 440,341 SH   SOLE   440,341 0 0
Intl Rectifier Corp COM 460254105 3,893 149,327 SH   SOLE   27,515 0 121,812
JPMorgan Chase & Co COM 46625h100 15,948 272,710 SH   SOLE   135,405 0 137,305
Kemet Corp COM 488360207 7,098 1,258,444 SH   SOLE   628,051 0 630,393
KeyCorp COM 493267108 5,683 423,460 SH   SOLE   207,425 0 216,035
LG Display Co Ltd ADS COM 50186v102 6,623 545,540 SH   SOLE   271,182 0 274,358
Lennar Corp COM 526057104 33,006 834,328 SH   SOLE   245,955 0 588,373
Magna International Inc COM 559222401 5,570 67,882 SH   SOLE   32,915 0 34,967
Mainsource Financial Grp Inc COM 56062y102 5,054 280,328 SH   SOLE   280,328 0 0
MarineMax Inc COM 567908108 12,975 806,933 SH   SOLE   287,163 0 519,770
Marriot International Inc COM 571903202 29,324 594,202 SH   SOLE   253,213 0 340,989
Meritage Homes Corp COM 59001a102 15,924 331,822 SH   SOLE   212,917 0 118,905
Modine Manufacturing Co COM 607828100 4,924 384,069 SH   SOLE   100,090 0 283,979
ModusLink Global Solutions Inc COM 60786L107 10,229 1,788,361 SH   SOLE   965,733 0 822,628
Monster Worldwide Inc COM 611742107 401 56,212 SH   SOLE   56,212 0 0
Morgan Stanley COM 617446448 5,670 180,804 SH   SOLE   91,470 0 89,334
Navistar International Corp COM 63934E108 9,685 253,611 SH   SOLE   133,452 0 120,159
Northstar Realty Finance Corp COM 66704R100 24,377 1,812,445 SH   SOLE   716,900 0 1,095,545
Office Depot Inc COM 676220106 23,558 4,453,327 SH   SOLE   1,549,352 0 2,903,975
Orbotech Ltd COM M75253100 4,902 362,554 SH   SOLE   69,485 0 293,069
Orient Express Hotels Ltd COM G67743107 977 64,688 SH   SOLE   32,515 0 32,173
Orthofix International N.V. COM n6748l102 2,575 112,857 SH   SOLE   97,339 0 15,518
Parke Bancorp Inc COM 700885106 322 36,137 SH   SOLE   36,137 0 0
Peabody Energy Corp COM 704549104 46,930 2,402,963 SH   SOLE   723,332 0 1,679,631
Peoples Bancorp of NC Inc COM 710577107 550 38,809 SH   SOLE   38,809 0 0
Powershares DB 3x Inverse Japa COM 25154p188 176 10,000 SH   SOLE   10,000 0 0
Powershares DB Inverse Japan COM 25154p170 305 15,741 SH   SOLE   15,741 0 0
Pulaski Financial Corp COM 745548107 374 33,180 SH   SOLE   33,180 0 0
Pulse Electronics Corp COM 74586W205 534 184,745 SH   SOLE   184,745 0 0
R.G. Barry Corp COM 068798107 2,369 122,724 SH   SOLE   122,724 0 0
Redwood Trust Inc REIT COM 758075402 6,567 339,041 SH   SOLE   145,438 0 193,603
Regions Financial Corp COM 7591ep100 15,774 1,594,905 SH   SOLE   864,642 0 730,263
Rexford Industrial Realty Inc COM 76169c100 1,210 91,702 SH   SOLE   70,785 0 20,917
STR Holdings Inc COM 78478v100 501 318,884 SH   SOLE   318,884 0 0
Severn Bancorp Inc COM 81811m100 393 82,931 SH   SOLE   82,931 0 0
Shore Bancshares Inc COM 825107105 418 45,379 SH   SOLE   45,379 0 0
Stillwater Mining Company COM 86074Q102 430 34,808 SH   SOLE   34,808 0 0
Strategic Hotels & Resorts Inc COM 86272t106 8,503 899,820 SH   SOLE   446,680 0 453,140
Summit Financial Group Inc COM 86606g101 200 20,200 SH   SOLE   20,200 0 0
SunTrust Banks Inc COM 867914103 67,337 1,829,311 SH   SOLE   566,606 0 1,262,705
Sussex Bancorp COM 869245100 503 66,245 SH   SOLE   66,245 0 0
Take-Two Interactive Softw Inc COM 874054109 8,553 492,407 SH   SOLE   197,748 0 294,659
Taylor Morrison Home Corp-A COM 87724p106 12,084 538,285 SH   SOLE   486,726 0 51,559
Thompson Creek Metals Co Inc COM 884768102 9,142 4,193,403 SH   SOLE   1,605,224 0 2,588,179
Toll Brothers Inc COM 889478103 43,379 1,172,410 SH   SOLE   379,272 0 793,138
United Bancorp Inc COM 90944l103 723 100,000 SH   SOLE   100,000 0 0
WPX Energy Inc COM 98212b103 18,718 918,468 SH   SOLE   645,216 0 273,252
WR Berkley Corp COM 084423102 2,643 60,906 SH   SOLE   33,210 0 27,696
Weatherford International Ltd COM H27013103 34,182 2,206,686 SH   SOLE   834,531 0 1,372,155
Wet Seal Inc COM 961840105 405 148,352 SH   SOLE   148,352 0 0
Willbros Group Inc COM 969203108 6,089 646,441 SH   SOLE   546,846 0 99,595
Xyratex Ltd COM g98268108 1,481 111,463 SH   SOLE   111,463 0 0
iShares Russell 1000 Value Ind COM 464287598 2,749 29,190 SH   SOLE   19,915 0 9,275
iShares Russell 2000 Value Ind COM 464287630 924 9,282 SH   SOLE   9,282 0 0
iShares Russell Midcap Value I COM 464287473 648 9,860 SH   SOLE   6,550 0 3,310
First Bancorp (PR) Pfd 7.40% PRD 318672409 728 37,607 SH   SOLE   37,607 0 0