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
Estimated average burden
hours per response: 23.8
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
EURONAV NV ANTWERPEN SHS B38564108 24,428 3,015,742 SH   SOLE   2,184,522 0 831,220
ALLERGAN PLC SHS G0177J108 5,856 28,575 SH   SOLE   18,000 0 10,575
ARRIS INTL INC SHS G0551A103 21,068 739,493 SH   SOLE   381,271 0 358,222
ENSCO PLC SHS CLASS A G3157S106 23,825 3,990,717 SH   SOLE   2,488,900 0 1,501,817
HERBALIFE LTD COM USD SHS G4412G101 20,887 307,935 SH   SOLE   205,835 0 102,100
OM ASSET MGMT PLC SHS G67506108 13,133 880,245 SH   SOLE   387,961 0 492,284
GOLAR LNG LTD BERMUDA SHS G9456A100 15,190 671,806 SH   SOLE   343,867 0 327,939
TE CONNECTIVITY LTD REG SHS H84989104 5,922 71,295 SH   SOLE   48,695 0 22,600
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 32,874 1,415,164 SH   SOLE   1,056,113 0 359,051
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 13,958 752,469 SH   SOLE   313,450 0 439,019
TEEKAY TANKERS LTD CL A Y8565N102 23,301 14,383,234 SH   SOLE   8,569,984 0 5,813,250
ABBVIE INC COM 00287Y109 1,354 15,237 SH   SOLE   6,700 0 8,537
ALLY FINL INC COM 02005N100 9,050 373,044 SH   SOLE   231,279 0 141,765
AMERICAN ELEC PWR INC COM 025537101 1,103 15,700 SH   SOLE   5,800 0 9,900
AMERICAN INTL GROUP INC COM NEW 026874784 8,756 142,631 SH   SOLE   89,300 0 53,331
ARCONIC INC COM 03965L100 25,741 1,034,602 SH   SOLE   714,817 0 319,785
ASTRAZENECA PLC SPONSORED ADR 046353108 932 27,500 SH   SOLE   13,500 0 14,000
ATLANTIC CAP BANCSHARES INC COM 048269203 10,741 591,775 SH   SOLE   261,780 0 329,995
BP PLC SPONSORED ADR 055622104 26,363 686,007 SH   SOLE   489,807 0 196,200
BANK AMER CORP COM 060505104 40,529 1,599,415 SH   SOLE   1,012,236 0 587,179
C & F FINL CORP COM 12466Q104 1,341 24,377 SH   SOLE   11,202 0 13,175
CNX COAL RES LP COM UNIT RP LP 12592V100 373 25,195 SH   SOLE   25,195 0 0
CNO FINL GROUP INC COM 12621E103 72,595 3,110,316 SH   SOLE   1,706,958 0 1,403,358
CA INC COM 12673P105 42,263 1,266,127 SH   SOLE   829,113 0 437,014
CAPSTAR FINL HLDGS INC COM 14070T102 2,857 145,939 SH   SOLE   61,785 0 84,154
CARPENTER TECHNOLOGY CORP COM 144285103 19,617 408,437 SH   SOLE   197,444 0 210,993
CATCHMARK TIMBER TR INC CL A 14912Y202 10,767 853,834 SH   SOLE   489,284 0 364,550
CHESAPEAKE ENERGY CORP COM 165167107 2,906 675,724 SH   SOLE   506,200 0 169,524
CISCO SYS INC COM 17275R102 28,404 844,600 SH   SOLE   508,500 0 336,100
CITIGROUP INC COM NEW 172967424 49,899 685,987 SH   SOLE   440,180 0 245,807
COCA COLA CO COM 191216100 378 8,400 SH   SOLE   4,700 0 3,700
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 51,712 2,518,869 SH   SOLE   1,116,495 0 1,402,374
CONAGRA BRANDS INC COM 205887102 9,836 291,537 SH   SOLE   183,200 0 108,337
CONMED CORP COM 207410101 9,724 185,334 SH   SOLE   89,648 0 95,686
CONOCOPHILLIPS COM 20825C104 3,819 76,300 SH   SOLE   61,000 0 15,300
CORNING INC COM 219350105 24 800 SH   SOLE   800 0 0
DXC TECHNOLOGY CO COM 23355L106 681 7,926 SH   SOLE   3,306 0 4,620
DEVON ENERGY CORP NEW COM 25179M103 1,024 27,900 SH   SOLE   27,900 0 0
ENOVA INTL INC COM 29357K103 14,113 1,049,265 SH   SOLE   457,356 0 591,909
ENTERGY CORP NEW COM 29364G103 19,509 255,493 SH   SOLE   186,028 0 69,465
EXELON CORP COM 30161N101 34,239 908,913 SH   SOLE   654,112 0 254,801
EZCORP INC CL A NON VTG 302301106 19,232 2,024,444 SH   SOLE   882,364 0 1,142,080
FEDEX CORP COM 31428X106 22,873 101,395 SH   SOLE   68,600 0 32,795
FIRST BANCORP N C COM 318910106 8,392 243,895 SH   SOLE   93,298 0 150,597
FIRST CTZNS BANCSHARES INC N CL A 31946M103 32,459 86,815 SH   SOLE   39,123 0 47,692
FIRST DATA CORP NEW COM CL A 32008D106 25 1,400 SH   SOLE   1,400 0 0
FIRST HORIZON NATL CORP COM 320517105 38,323 2,001,208 SH   SOLE   885,560 0 1,115,648
FLUOR CORP NEW COM 343412102 3,305 78,502 SH   SOLE   44,533 0 33,969
FLOWSERVE CORP COM 34354P105 916 21,500 SH   SOLE   7,500 0 14,000
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 23,616 1,258,195 SH   SOLE   557,654 0 700,541
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 30,338 749,647 SH   SOLE   326,370 0 423,277
GREAT PLAINS ENERGY INC COM 391164100 16,310 538,274 SH   SOLE   267,674 0 270,600
HP INC COM 40434L105 5,272 264,136 SH   SOLE   167,400 0 96,736
HARSCO CORP COM 415864107 30,396 1,454,345 SH   SOLE   737,842 0 716,503
HEWLETT PACKARD ENTERPRISE C COM 42824C109 7,428 504,936 SH   SOLE   346,900 0 158,036
HOME DEPOT INC COM 437076102 15,125 92,475 SH   SOLE   61,700 0 30,775
ICONIX BRAND GROUP INC COM 451055107 16,444 2,889,952 SH   SOLE   1,279,439 0 1,610,513
INNOSPEC INC COM 45768S105 54,094 877,432 SH   SOLE   496,396 0 381,036
JPMORGAN CHASE & CO COM 46625H100 42,109 440,881 SH   SOLE   281,900 0 158,981
KBR INC COM 48242W106 131,224 7,339,143 SH   SOLE   4,458,765 0 2,880,378
KAISER ALUMINUM CORP COM PAR $0.01 483007704 23,308 225,981 SH   SOLE   112,415 0 113,566
KAPSTONE PAPER & PACKAGING C COM 48562P103 9,659 449,465 SH   SOLE   257,382 0 192,083
LAMB WESTON HLDGS INC COM 513272104 1,512 32,244 SH   SOLE   16,199 0 16,045
LENNAR CORP CL B 526057302 14,691 325,898 SH   SOLE   220,847 0 105,051
LILLY ELI & CO COM 532457108 34,024 397,760 SH   SOLE   250,764 0 146,996
LYON WILLIAM HOMES CL A NEW 552074700 17,422 757,828 SH   SOLE   314,456 0 443,372
MASTERCARD INCORPORATED CL A 57636Q104 1,970 13,950 SH   SOLE   5,450 0 8,500
MERCER INTL INC COM 588056101 2,450 206,758 SH   SOLE   85,967 0 120,791
MERCK & CO INC COM 58933Y105 27,658 431,956 SH   SOLE   278,100 0 153,856
MICRO FOCUS INTERNATIONAL PL SPON ADR NEW 594837304 2,013 63,099 SH   SOLE   44,667 0 18,432
MICROSOFT CORP COM 594918104 40,776 547,408 SH   SOLE   350,900 0 196,508
MILLER INDS INC TENN COM NEW 600551204 8,579 306,936 SH   SOLE   133,257 0 173,679
NATIONAL FUEL GAS CO N J COM 636180101 1,302 23,000 SH   SOLE   23,000 0 0
NELNET INC CL A 64031N108 7,301 144,566 SH   SOLE   61,482 0 83,084
NEXTERA ENERGY INC COM 65339F101 2,110 14,400 SH   SOLE   9,500 0 4,900
NORTHROP GRUMMAN CORP COM 666807102 42,250 146,843 SH   SOLE   96,800 0 50,043
OCEANEERING INTL INC COM 675232102 512 19,500 SH   SOLE   19,500 0 0
ORACLE CORP COM 68389X105 10,888 225,200 SH   SOLE   134,400 0 90,800
PPL CORP COM 69351T106 1,856 48,900 SH   SOLE   48,900 0 0
PARK STERLING CORP COM 70086Y105 21,289 1,714,082 SH   SOLE   713,725 0 1,000,357
PFIZER INC COM 717081103 36,238 1,015,060 SH   SOLE   648,800 0 366,260
PHILIP MORRIS INTL INC COM 718172109 23,484 211,546 SH   SOLE   102,200 0 109,346
PORTLAND GEN ELEC CO COM NEW 736508847 16,171 354,314 SH   SOLE   160,314 0 194,000
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,591 34,400 SH   SOLE   34,400 0 0
REGAL ENTMT GROUP CL A 758766109 1,719 107,431 SH   SOLE   73,031 0 34,400
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 28,659 473,073 SH   SOLE   384,962 0 88,111
SCANA CORP NEW COM 80589M102 1,397 28,800 SH   SOLE   28,800 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 20,243 302,815 SH   SOLE   132,078 0 170,737
SEACOR HOLDINGS INC COM 811904101 646 14,017 SH   SOLE   14,017 0 0
SEMPRA ENERGY COM 816851109 1,564 13,700 SH   SOLE   13,700 0 0
SUNTRUST BKS INC COM 867914103 22,633 378,672 SH   SOLE   251,872 0 126,800
SYNTEL INC COM 87162H103 381 19,377 SH   SOLE   12,600 0 6,777
TENET HEALTHCARE CORP COM NEW 88033G407 5,882 358,000 SH   SOLE   161,078 0 196,922
TIME WARNER INC COM NEW 887317303 11,382 111,100 SH   SOLE   70,100 0 41,000
TUPPERWARE BRANDS CORP COM 899896104 55,930 904,724 SH   SOLE   494,986 0 409,738
TYSON FOODS INC CL A 902494103 16,998 241,280 SH   SOLE   166,435 0 74,845
UFP TECHNOLOGIES INC COM 902673102 4,253 151,365 SH   SOLE   60,538 0 90,827
VERIZON COMMUNICATIONS INC COM 92343V104 1,065 21,515 SH   SOLE   7,947 0 13,568
VIRTUS INVT PARTNERS INC COM 92828Q109 49,447 426,085 SH   SOLE   185,339 0 240,746
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 2,310 81,183 SH   SOLE   55,588 0 25,595
VOYA FINL INC COM 929089100 11,787 295,480 SH   SOLE   197,546 0 97,934
WAL-MART STORES INC COM 931142103 20,137 257,700 SH   SOLE   163,700 0 94,000
WELLS FARGO CO NEW COM 949746101 13,291 241,000 SH   SOLE   143,400 0 97,600
WESCO AIRCRAFT HLDGS INC COM 950814103 154 16,400 SH   SOLE   16,400 0 0