<SEC-DOCUMENT>0000319902-15-000002.txt : 20150204
<SEC-HEADER>0000319902-15-000002.hdr.sgml : 20150204
<ACCEPTANCE-DATETIME>20150204151405
ACCESSION NUMBER:		0000319902-15-000002
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150204
DATE AS OF CHANGE:		20150204
EFFECTIVENESS DATE:		20150204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIDUCIARY MANAGEMENT ASSOCIATES LLC
		CENTRAL INDEX KEY:			0000319902
		IRS NUMBER:				061656168
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-01267
		FILM NUMBER:		15575074

	BUSINESS ADDRESS:	
		STREET 1:		55 W MONROE
		STREET 2:		SUITE 2550
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
		BUSINESS PHONE:		3129306850

	MAIL ADDRESS:	
		STREET 1:		55 WEST MONROE
		STREET 2:		SUITE 2550
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIDUCIARY MANAGEMENT ASSOCIATES INC
		DATE OF NAME CHANGE:	19990406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLOCK INVESTMENT MANAGEMENT SERVICES INC
		DATE OF NAME CHANGE:	19810130
</SEC-HEADER>
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<TYPE>13F-HR
<SEQUENCE>1
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      <filer>
        <credentials>
          <cik>0000319902</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>12-31-2014</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>12-31-2014</reportCalendarOrQuarter>
      <filingManager>
        <name>FIDUCIARY MANAGEMENT ASSOCIATES LLC</name>
        <address>
          <com:street1>55 WEST MONROE</com:street1>
          <com:street2>SUITE 2550</com:street2>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60603</com:zipCode>
        </address>
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      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-01267</form13FFileNumber>
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          <name>SEI INVESTMENTS MANAGEMENT CORP</name>
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      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Candice L. Melcher</name>
      <title>CCO, Managing Director</title>
      <phone>312-334-0237</phone>
      <signature>Candice L. Melcher</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>02-04-2015</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>117</tableEntryTotal>
      <tableValueTotal>1606049</tableValueTotal>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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		<nameOfIssuer>ACI WORLDWIDE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>004498101</cusip>
		<value>17088</value>
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		<sshPrnamt>847180</sshPrnamt>
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		<None>170225</None>
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		<nameOfIssuer>AIR LEASE CORP</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>00912X302</cusip>
		<value>551</value>
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		<sshPrnamt>16060</sshPrnamt>
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		<nameOfIssuer>AKORN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>009728106</cusip>
		<value>483</value>
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		<sshPrnamt>13330</sshPrnamt>
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		<nameOfIssuer>ALLETE INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>018522300</cusip>
		<value>26702</value>
	<shrsOrPrnAmt>
		<sshPrnamt>484265</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<None>94205</None>
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		<nameOfIssuer>AMSURG CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03232P405</cusip>
		<value>25189</value>
	<shrsOrPrnAmt>
		<sshPrnamt>460236</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>370271</Sole>
		<Shared>0</Shared>
		<None>89965</None>
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	<infoTable>
		<nameOfIssuer>ANIXTER INTERNATIONAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>035290105</cusip>
		<value>478</value>
	<shrsOrPrnAmt>
		<sshPrnamt>5400</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Shared>0</Shared>
		<None>0</None>
	</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APOGEE ENTERPRISES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>037598109</cusip>
		<value>18365</value>
	<shrsOrPrnAmt>
		<sshPrnamt>433445</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
	<votingAuthority>
		<Sole>345880</Sole>
		<Shared>0</Shared>
		<None>87565</None>
	</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ASSOC ESTATES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>045604105</cusip>
		<value>22422</value>
	<shrsOrPrnAmt>
		<sshPrnamt>966045</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>778300</Sole>
		<Shared>0</Shared>
		<None>187745</None>
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	<infoTable>
		<nameOfIssuer>ASTRONICS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>046433108</cusip>
		<value>22516</value>
	<shrsOrPrnAmt>
		<sshPrnamt>407080</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>324416</Sole>
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		<None>82664</None>
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		<nameOfIssuer>ATMOS ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>049560105</cusip>
		<value>961</value>
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		<nameOfIssuer>AVERY DENNISON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053611109</cusip>
		<value>626</value>
	<shrsOrPrnAmt>
		<sshPrnamt>12070</sshPrnamt>
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		<nameOfIssuer>BALCHEM CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>057665200</cusip>
		<value>16873</value>
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		<cusip>067806109</cusip>
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		<nameOfIssuer>BERRY PLASTICS GROUP INC</nameOfIssuer>
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		<nameOfIssuer>CACI INTERNATIONAL INC</nameOfIssuer>
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		<cusip>127190304</cusip>
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		<None>0</None>
	</votingAuthority>
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	<infoTable>
		<nameOfIssuer>COLUMBIA BANKING SYSTEM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>197236102</cusip>
		<value>20792</value>
	<shrsOrPrnAmt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<None>146230</None>
	</votingAuthority>
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		<nameOfIssuer>COMMERCIAL METALS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>201723103</cusip>
		<value>15786</value>
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		<sshPrnamt>969060</sshPrnamt>
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		<nameOfIssuer>COOPER COS INC/THE</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>216648402</cusip>
		<value>470</value>
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		<sshPrnamt>2900</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>2900</Sole>
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		<None>0</None>
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		<nameOfIssuer>CRAY INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>225223304</cusip>
		<value>24964</value>
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		<sshPrnamt>724013</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>582743</Sole>
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		<None>141270</None>
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		<nameOfIssuer>CURTISS-WRIGHT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>231561101</cusip>
		<value>24821</value>
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		<sshPrnamt>351625</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>282100</Sole>
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		<None>69525</None>
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		<nameOfIssuer>DEALERTRACK HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>242309102</cusip>
		<value>20752</value>
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		<sshPrnamt>468340</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>376770</Sole>
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		<None>91570</None>
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		<nameOfIssuer>DUPONT FABROS TE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26613Q106</cusip>
		<value>23184</value>
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		<sshPrnamt>697485</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>561230</Sole>
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		<None>136255</None>
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		<nameOfIssuer>EAST WEST BANCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>27579R104</cusip>
		<value>714</value>
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		<sshPrnamt>18440</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>18440</Sole>
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		<None>0</None>
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		<nameOfIssuer>ELECTRONICS FOR IMAGING</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>286082102</cusip>
		<value>20167</value>
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		<sshPrnamt>470855</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>378205</Sole>
		<Shared>0</Shared>
		<None>92650</None>
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		<nameOfIssuer>EMERGENT BIOSOLUTIONS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29089Q105</cusip>
		<value>20944</value>
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		<sshPrnamt>769134</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>614234</Sole>
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		<None>154900</None>
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		<nameOfIssuer>ENTEGRIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29362U104</cusip>
		<value>24426</value>
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		<sshPrnamt>1849030</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>1485830</Sole>
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		<None>363200</None>
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		<nameOfIssuer>EVERBANK FINANCIAL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29977G102</cusip>
		<value>23864</value>
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		<sshPrnamt>1252065</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>999685</Sole>
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		<None>252380</None>
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		<nameOfIssuer>EVERCORE PARTNERS INC</nameOfIssuer>
		<titleOfClass>CLASS A</titleOfClass>
		<cusip>29977A105</cusip>
		<value>19870</value>
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		<sshPrnamt>379415</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<None>76340</None>
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		<nameOfIssuer>FIRST REPUBLIC BANK/SAN FRANCISCO CA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>33616C100</cusip>
		<value>559</value>
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		<sshPrnamt>10730</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>10730</Sole>
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		<None>0</None>
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		<nameOfIssuer>FORUM ENERGY TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>34984V100</cusip>
		<value>15852</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>611127</Sole>
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		<None>153560</None>
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		<nameOfIssuer>FORWARD AIR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>349853101</cusip>
		<value>20098</value>
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		<sshPrnamt>398998</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>318358</Sole>
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		<None>80640</None>
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		<nameOfIssuer>FOSSIL GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>34988V106</cusip>
		<value>456</value>
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		<sshPrnamt>4120</sshPrnamt>
		<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>4120</Sole>
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		<None>0</None>
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		<nameOfIssuer>FULTON FINANCIAL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>360271100</cusip>
		<value>22876</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>1478065</Sole>
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		<None>372760</None>
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		<nameOfIssuer>GARTNER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>366651107</cusip>
		<value>731</value>
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		<sshPrnamt>8680</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>8680</Sole>
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		<nameOfIssuer>GENTHERM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>37253A103</cusip>
		<value>15247</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>GLOBUS MEDICAL INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>379577208</cusip>
		<value>21335</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>GREATBATCH INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>39153L106</cusip>
		<value>8044</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<None>32810</None>
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		<nameOfIssuer>GULFPORT ENERGY</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>402635304</cusip>
		<value>417</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>9990</Sole>
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		<nameOfIssuer>HAIN CELESTIAL GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>405217100</cusip>
		<value>473</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>8120</Sole>
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		<None>0</None>
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		<nameOfIssuer>HANOVER INSURANCE GROUP INC/THE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>410867105</cusip>
		<value>22699</value>
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		<sshPrnamt>318271</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>256071</Sole>
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		<nameOfIssuer>HARMAN INTERNATIONAL INDUSTRIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>413086109</cusip>
		<value>568</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>5320</Sole>
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		<nameOfIssuer>HEADWATERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>42210P102</cusip>
		<value>17896</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>953857</Sole>
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		<nameOfIssuer>HEALTH NET INC/CA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>42222G108</cusip>
		<value>652</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>12180</Sole>
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		<nameOfIssuer>HEALTHCARE SERVICES GROUP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>421906108</cusip>
		<value>21053</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>547601</Sole>
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		<nameOfIssuer>HELIX ENERGY SOLUTIONS GRP INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>42330P107</cusip>
		<value>15165</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>561802</Sole>
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		<nameOfIssuer>HUNTINGTON BANCSHARES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>446150104</cusip>
		<value>557</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>52990</Sole>
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		<nameOfIssuer>HURON CONSULTING GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>447462102</cusip>
		<value>23918</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>280890</Sole>
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		<None>68840</None>
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		<nameOfIssuer>IBERIABANK CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>450828108</cusip>
		<value>22994</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>282855</Sole>
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		<nameOfIssuer>INTERSIL CORP</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>46069S109</cusip>
		<value>21639</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>ITT CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>450911201</cusip>
		<value>624</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>15430</Sole>
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		<nameOfIssuer>JARDEN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>471109108</cusip>
		<value>734</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>15330</Sole>
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		<nameOfIssuer>JOHN BEAN TECHNOLOGIES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>477839104</cusip>
		<value>18666</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>455115</Sole>
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		<None>112920</None>
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		<cusip>48020Q107</cusip>
		<value>558</value>
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		<sshPrnamt>3720</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>LA QUINTA HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>50420D108</cusip>
		<value>26194</value>
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		<sshPrnamt>1187406</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>957663</Sole>
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		<None>229743</None>
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		<nameOfIssuer>LA-Z-BOY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>505336107</cusip>
		<value>16317</value>
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		<sshPrnamt>607920</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>485690</Sole>
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		<nameOfIssuer>LEXINGTON CORPORATE PROPERTIES TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>529043101</cusip>
		<value>19896</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<None>364810</None>
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		<nameOfIssuer>LIGAND PHARMACEUTICALS INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>53220K504</cusip>
		<value>15634</value>
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		<sshPrnamt>293810</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<None>59540</None>
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		<nameOfIssuer>MARRIOTT VACATIONS WORLDWIDE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>57164Y107</cusip>
		<value>22298</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>240708</Sole>
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		<nameOfIssuer>MEDICAL PROPERTIES TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58463J304</cusip>
		<value>26029</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>1518210</Sole>
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		<None>370670</None>
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		<nameOfIssuer>MENTOR GRAPHICS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>587200106</cusip>
		<value>19774</value>
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		<sshPrnamt>902115</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>720545</Sole>
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		<None>181570</None>
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		<nameOfIssuer>MWI VETERINARY S</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55402X105</cusip>
		<value>21181</value>
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		<sshPrnamt>124660</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>99630</Sole>
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		<None>25030</None>
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		<nameOfIssuer>NATIONAL HEALTH INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>63633D104</cusip>
		<value>19001</value>
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		<sshPrnamt>271602</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>218562</Sole>
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		<None>53040</None>
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		<nameOfIssuer>OIL STATES INTERNATIONAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>678026105</cusip>
		<value>16867</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>OLD DOMINION FREIGHT LINE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>679580100</cusip>
		<value>641</value>
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		<sshPrnamt>8260</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>PACWEST BANCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>695263103</cusip>
		<value>734</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>PLANTRONICS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>727493108</cusip>
		<value>21172</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<None>80370</None>
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		<nameOfIssuer>PNM RESOURCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>69349H107</cusip>
		<value>26913</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>725480</Sole>
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		<None>182830</None>
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		<nameOfIssuer>POLYONE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>73179P106</cusip>
		<value>520</value>
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		<sshPrnamt>13720</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>13720</Sole>
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		<nameOfIssuer>POOL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>73278L105</cusip>
		<value>24311</value>
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		<sshPrnamt>383220</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager>0</otherManager>
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		<Sole>308290</Sole>
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		<None>74930</None>
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		<nameOfIssuer>POPEYES LOUISIANA KITCHEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>732872106</cusip>
		<value>16543</value>
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		<sshPrnamt>294000</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>POPULAR INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>733174700</cusip>
		<value>546</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>PREMIER INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>74051N102</cusip>
		<value>597</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>PRESTIGE BRANDS HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74112D101</cusip>
		<value>24854</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>PROSPERITY BANCSHARES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>743606105</cusip>
		<value>590</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>QUANTA SERVICES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74762E102</cusip>
		<value>485</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>17090</Sole>
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		<nameOfIssuer>QUINTILES TRANSNATIONAL HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74876Y101</cusip>
		<value>691</value>
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		<sshPrnamt>11730</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>11730</Sole>
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		<nameOfIssuer>REXNORD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76169B102</cusip>
		<value>21120</value>
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		<sshPrnamt>748680</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>611330</Sole>
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		<None>137350</None>
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		<nameOfIssuer>ROGERS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>775133101</cusip>
		<value>16593</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>162754</Sole>
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		<nameOfIssuer>ROSETTA RESOURCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>777779307</cusip>
		<value>10542</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>377520</Sole>
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		<nameOfIssuer>SENSIENT TECHNOLOGIES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>81725T100</cusip>
		<value>16857</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<None>56075</None>
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		<nameOfIssuer>SIGNATURE BANK/NEW YORK NY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>82669G104</cusip>
		<value>680</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>SNYDERS-LANCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>833551104</cusip>
		<value>15854</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<Sole>414645</Sole>
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		<nameOfIssuer>SOLARWINDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>83416B109</cusip>
		<value>661</value>
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		<sshPrnamt>13260</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>STANCORP FINANCIAL GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>852891100</cusip>
		<value>25361</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>858119100</cusip>
		<value>489</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>STERIS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>859152100</cusip>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>STIFEL FINANCIAL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>860630102</cusip>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>SUMMIT HOTEL PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866082100</cusip>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>TCF FINANCIAL CORP</nameOfIssuer>
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		<nameOfIssuer>TEXAS CAPITAL BA</nameOfIssuer>
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		<nameOfIssuer>UIL HOLDINGS CORP</nameOfIssuer>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<value>18552</value>
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		<value>21456</value>
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		<nameOfIssuer>VERINT SYSTEMS INC</nameOfIssuer>
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		<value>24473</value>
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		<nameOfIssuer>WEBSTER FINANCIAL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>947890109</cusip>
		<value>24581</value>
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		<value>20792</value>
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		<None>53280</None>
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		<nameOfIssuer>WILLIAMS-SONOMA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>969904101</cusip>
		<value>680</value>
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		<nameOfIssuer>WINTRUST FINANCIAL CORP</nameOfIssuer>
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		<value>24196</value>
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		<nameOfIssuer>WR GRACE &amp; CO</nameOfIssuer>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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</SEC-DOCUMENT>