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 11,191 421,971 SH   SOLE   202,651 0 219,320
AU Optronics Corp ADS COM 002255107 9,478 2,596,635 SH   SOLE   1,049,385 0 1,547,250
Ace Ltd COM H0023R105 341 3,645 SH   SOLE   1,766 0 1,879
Aegean Marine Petrol Network I COM y0017s102 22,331 1,882,903 SH   SOLE   846,618 0 1,036,285
Alcoa Inc COM 013817101 3,044 374,893 SH   SOLE   153,858 0 221,035
Allied World Assurance Co COM h01531104 2,637 26,530 SH   SOLE   24,345 0 2,185
Allstate Corp COM 020002101 16,391 324,252 SH   SOLE   139,604 0 184,648
Alumina Ltd ADS COM 022205108 498 131,404 SH   SOLE   131,404 0 0
American International Grp COM 026874784 22,510 462,885 SH   SOLE   145,673 0 317,212
Angiotech Pharmaceuticals Inc COM 034918201 120 12,500 SH   SOLE   12,500 0 0
Arch Coal Inc COM 039380100 48,261 11,742,344 SH   SOLE   6,280,227 0 5,462,117
Ardmore Shipping Corp COM y0207T100 1,138 93,775 SH   SOLE   93,775 0 0
Aspen Insurance Holdings Ltd COM G05384105 468 12,904 SH   SOLE   12,904 0 0
Assured Guaranty Ltd COM G0585R106 20,268 1,080,981 SH   SOLE   490,456 0 590,525
Aviat Networks Inc COM 05366y102 8,306 3,231,859 SH   SOLE   3,207,233 0 24,626
Avid Technology Inc COM 05367p100 3,129 521,550 SH   SOLE   521,550 0 0
Axcelis Technologies Inc COM 054540109 5,498 2,605,679 SH   SOLE   2,081,145 0 524,534
Baltic Trading Ltd. COM y0553w103 55 11,210 SH   SOLE   11,210 0 0
Bank of America Corp COM 060505104 42,556 3,083,775 SH   SOLE   836,764 0 2,247,011
Bank of Commerce Holdings COM 06424j103 193 33,555 SH   SOLE   33,555 0 0
Boeing Co COM 097023105 6,308 53,685 SH   SOLE   26,715 0 26,970
Brookdale Senior Living Inc COM 112463104 11,982 455,577 SH   SOLE   223,085 0 232,492
Carnival Corp COM 143658300 15,568 476,962 SH   SOLE   207,042 0 269,920
Chesapeake Energy Corp COM 165167107 57,196 2,210,063 SH   SOLE   880,470 0 1,329,593
Cisco Systems Inc COM 17275R102 1,943 82,941 SH   SOLE   42,364 0 40,577
Citigroup Inc COM 172967424 42,642 879,042 SH   SOLE   248,679 0 630,363
Citizens Bancshares Corp COM 173168105 183 33,840 SH   SOLE   33,840 0 0
Cloud Peak Energy Inc COM 18911q102 6,739 459,359 SH   SOLE   459,359 0 0
Colony Bankcorp Inc COM 19623p101 124 21,196 SH   SOLE   21,196 0 0
Comverse Inc COM 20585p105 2,156 67,482 SH   SOLE   67,482 0 0
Consol Energy Inc COM 20854p109 7,113 211,376 SH   SOLE   105,160 0 106,216
Dell Inc COM 24702r101 7,669 557,705 SH   SOLE   231,033 0 326,672
Devon Energy Corp COM 25179M103 14,906 258,068 SH   SOLE   123,545 0 134,523
Doral Financial Corp COM 25811P852 495 25,963 SH   SOLE   25,963 0 0
Emeritus Corp COM 291005106 9,783 527,978 SH   SOLE   210,286 0 317,692
Employers Holdings Inc COM 292218104 2,905 97,690 SH   SOLE   97,690 0 0
First American Corp COM 31847r102 3,156 129,610 SH   SOLE   66,980 0 62,630
First Citizens Banc Corp COM 319459202 452 64,759 SH   SOLE   64,759 0 0
First Horizon National Corp COM 320517105 35,466 3,227,113 SH   SOLE   1,518,803 0 1,708,310
First South Bancorp COM 33646w100 111 17,666 SH   SOLE   17,666 0 0
Five Star Quality Care Inc COM 33832d106 9,830 1,901,304 SH   SOLE   1,901,304 0 0
Flagstar Bancorp Inc COM 337930705 29,687 2,011,320 SH   SOLE   1,337,460 0 673,860
Flow International Corp COM 343468104 307 76,971 SH   SOLE   76,971 0 0
Forestar Group Inc COM 346233109 9,181 426,430 SH   SOLE   237,405 0 189,025
FreightCar America Inc COM 357023100 9,933 480,318 SH   SOLE   343,134 0 137,184
Genworth Financial Inc COM 37247d106 2,059 160,884 SH   SOLE   79,245 0 81,639
Hartford Financial Svcs Grp COM 416515104 28,835 926,572 SH   SOLE   389,387 0 537,185
Hecla Mining Co. COM 422704106 261 83,096 SH   SOLE   83,096 0 0
Hudson Global Inc COM 443787106 7,524 2,322,268 SH   SOLE   1,397,171 0 925,097
Huntington Bancshares Inc COM 446150104 7,338 888,332 SH   SOLE   605,121 0 283,211
Independent Bank Corp. COM 453838609 1,351 135,135 SH   SOLE   135,135 0 0
Insight Enterprises Inc COM 45765u103 4,944 261,472 SH   SOLE   60,290 0 201,182
Insperity Inc COM 45778q107 6,714 178,553 SH   SOLE   74,347 0 104,206
Internet Capital Group Inc COM 44928d108 4,705 331,590 SH   SOLE   151,494 0 180,096
Intervest Bancshares Corp COM 460927106 220 27,689 SH   SOLE   27,689 0 0
Intevac Inc COM 461148108 2,692 459,368 SH   SOLE   459,368 0 0
Intl Rectifier Corp COM 460254105 5,564 224,610 SH   SOLE   74,805 0 149,805
JPMorgan Chase & Co COM 46625h100 14,228 275,260 SH   SOLE   136,570 0 138,690
Kemet Corp COM 488360207 8,003 1,914,666 SH   SOLE   1,232,633 0 682,033
KeyCorp COM 493267108 5,153 452,030 SH   SOLE   224,080 0 227,950
LG Display Co Ltd ADS COM 50186v102 1,032 86,500 SH   SOLE   42,940 0 43,560
LNB Bancorp Inc COM 502100100 243 25,869 SH   SOLE   25,869 0 0
Lennar Corp COM 526057104 19,537 551,885 SH   SOLE   221,330 0 330,555
Magna International Inc COM 559222401 5,745 69,582 SH   SOLE   33,375 0 36,207
Mainsource Financial Grp Inc COM 56062y102 5,147 338,838 SH   SOLE   338,838 0 0
MarineMax Inc COM 567908108 12,956 1,061,997 SH   SOLE   501,497 0 560,500
Marriot International Inc COM 571903202 23,808 566,050 SH   SOLE   266,003 0 300,047
Meritage Homes Corp COM 59001a102 30,284 705,107 SH   SOLE   449,622 0 255,485
Meritor Inc COM 59001k100 93 11,800 SH   SOLE   11,800 0 0
Modine Manufacturing Co COM 607828100 6,787 463,939 SH   SOLE   179,960 0 283,979
ModusLink Global Solutions Inc COM 60786L107 5,940 2,167,864 SH   SOLE   1,344,636 0 823,228
Monster Worldwide Inc COM 611742107 908 205,356 SH   SOLE   186,355 0 19,001
Morgan Stanley COM 617446448 5,174 191,994 SH   SOLE   94,490 0 97,504
NRG Energy Inc COM 629377508 3,168 115,926 SH   SOLE   58,095 0 57,831
NVR Inc COM 62944t105 978 1,064 SH   SOLE   460 0 604
Navistar International Corp COM 63934E108 13,079 358,517 SH   SOLE   198,718 0 159,799
Northstar Realty Finance Corp COM 66704R100 20,796 2,240,995 SH   SOLE   1,115,250 0 1,125,745
Officemax Inc COM 67622P101 25,384 1,984,660 SH   SOLE   886,825 0 1,097,835
Orbotech Ltd COM M75253100 5,569 464,479 SH   SOLE   171,410 0 293,069
Orient Express Hotels Ltd COM G67743107 2,974 229,157 SH   SOLE   105,010 0 124,147
Orthofix International N.V. COM n6748l102 2,930 141,068 SH   SOLE   126,369 0 14,699
Parke Bancorp Inc COM 700885106 317 36,037 SH   SOLE   36,037 0 0
Parker Drilling Co COM 701081101 63 11,040 SH   SOLE   11,040 0 0
Peabody Energy Corp COM 704549104 39,560 2,293,325 SH   SOLE   797,407 0 1,495,918
Peoples Bancorp of NC Inc COM 710577107 479 38,809 SH   SOLE   38,809 0 0
Powershares DB 3x Inverse Japa COM 25154p188 175 10,000 SH   SOLE   10,000 0 0
Powershares DB Inverse Japan COM 25154p170 301 15,741 SH   SOLE   15,741 0 0
Pulse Electronics Corp COM 74586W205 604 154,906 SH   SOLE   154,906 0 0
R.G. Barry Corp COM 068798107 2,657 140,529 SH   SOLE   140,529 0 0
Redwood Trust Inc REIT COM 758075402 8,230 417,962 SH   SOLE   219,609 0 198,353
Regions Financial Corp COM 7591ep100 20,130 2,173,920 SH   SOLE   1,320,767 0 853,153
Rexford Industrial Realty Inc COM 76169c100 260 19,280 SH   SOLE   19,280 0 0
SPDR Gold Trust COM 78463v107 224 1,750 SH   SOLE   1,750 0 0
STR Holdings Inc COM 78478v100 622 278,884 SH   SOLE   278,884 0 0
Severn Bancorp Inc COM 81811m100 415 79,280 SH   SOLE   79,280 0 0
Shore Bancshares Inc COM 825107105 378 42,979 SH   SOLE   42,979 0 0
Standard Pacific Corp COM 85375C101 3,180 401,975 SH   SOLE   401,975 0 0
Stillwater Mining Company COM 86074Q102 823 74,743 SH   SOLE   74,743 0 0
Strategic Hotels & Resorts Inc COM 86272t106 9,442 1,087,783 SH   SOLE   608,218 0 479,565
Summit Financial Group Inc COM 86606g101 175 20,200 SH   SOLE   20,200 0 0
SunTrust Banks Inc COM 867914103 65,222 2,011,781 SH   SOLE   739,086 0 1,272,695
Sussex Bancorp COM 869245100 476 72,195 SH   SOLE   72,195 0 0
Take-Two Interactive Softw Inc COM 874054109 12,817 705,368 SH   SOLE   324,933 0 380,435
Taylor Morrison Home Corp-A COM 87724p106 5,817 256,829 SH   SOLE   204,750 0 52,079
Thomas Properties Group Inc COM 884453101 2,239 333,149 SH   SOLE   333,149 0 0
Thompson Creek Metals Co Inc COM 884768102 8,603 2,396,382 SH   SOLE   1,686,561 0 709,821
Toll Brothers Inc COM 889478103 44,586 1,374,851 SH   SOLE   446,773 0 928,078
US Airways Group Inc COM 90341w108 6,236 328,878 SH   SOLE   172,538 0 156,340
United Bancorp Inc COM 90944l103 806 120,000 SH   SOLE   120,000 0 0
WPX Energy Inc COM 98212b103 21,934 1,138,813 SH   SOLE   794,851 0 343,962
WR Berkley Corp COM 084423102 2,629 61,331 SH   SOLE   33,355 0 27,976
Weatherford International Ltd COM H27013103 26,564 1,732,818 SH   SOLE   648,753 0 1,084,065
Wet Seal Inc COM 961840105 591 150,362 SH   SOLE   150,362 0 0
Willbros Group Inc COM 969203108 7,574 825,001 SH   SOLE   735,406 0 89,595
Xyratex Ltd COM g98268108 1,471 132,138 SH   SOLE   132,138 0 0
iShares MSCI Mexico Index Fund COM 464286822 275 4,300 SH   SOLE   4,300 0 0
iShares Russell 1000 Value Ind COM 464287598 2,011 23,325 SH   SOLE   23,325 0 0
iShares Russell 2000 Value Ind COM 464287630 726 7,920 SH   SOLE   7,920 0 0
iShares Russell Midcap Value I COM 464287473 342 5,610 SH   SOLE   3,700 0 1,910
First Bancorp (PR) Pfd 7.40% PRD 318672409 775 37,607 SH   SOLE   37,607 0 0