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
ACTAVIS PLC SHS G0083B108 17,590 78,857 SH   SOLE   34,002 7,100 37,755
ENERGY XXI BERMUDA LTD USD UNRS SHS G10082140 997 42,193 SH   SOLE   42,193 0 0
ENDO INTL PLC SHS G30401106 30,403 434,223 SH   SOLE   227,756 42,900 163,567
ENSCO PLC SHS CLASS A G3157S106 168,251 3,027,761 SH   SOLE   1,746,335 150,700 1,130,726
HERBALIFE LTD COM USD SHS G4412G101 85,388 1,323,090 SH   SOLE   651,779 83,100 588,211
NORDIC AMERICAN TANKERS LIMI COM G65773106 4,132 433,505 SH   SOLE   433,505 0 0
XL GROUP PLC SHS G98290102 34,617 1,057,671 SH   SOLE   542,327 81,900 433,444
TE CONNECTIVITY LTD REG SHS H84989104 21,186 342,609 SH   SOLE   146,663 25,500 170,446
OCEAN RIG UDW INC SHS Y64354205 105,096 5,551,784 SH   SOLE   3,434,132 444,150 1,673,502
ABBVIE INC COM 00287Y109 1,129 20,000 SH   SOLE   20,000 0 0
ALCOA INC COM 013817101 31,762 2,133,193 SH   SOLE   1,019,857 155,900 957,436
ALLY FINL INC COM ADDED 02005N100 40,499 1,693,953 SH   SOLE   859,653 127,300 707,000
AMERICAN ELEC PWR INC COM 025537101 3,664 65,700 SH   SOLE   23,100 0 42,600
AMERICAN INTL GROUP INC COM NEW 026874784 50,546 926,100 SH   SOLE   420,600 56,000 449,500
ARGAN INC COM 04010E109 18,374 492,743 SH   SOLE   248,917 44,924 198,902
ARRIS GROUP INC NEW COM 04270V106 55,579 1,708,530 SH   SOLE   930,867 164,363 613,300
ASTRAZENECA PLC SPONSORED ADR 046353108 877 11,800 SH   SOLE   11,800 0 0
BP PLC SPONSORED ADR 055622104 20,788 394,100 SH   SOLE   200,500 0 193,600
BANK OF AMERICA CORPORATION COM 060505104 86,237 5,610,677 SH   SOLE   2,635,971 376,200 2,598,506
CNO FINL GROUP INC COM 12621E103 258,853 14,542,358 SH   SOLE   7,413,867 1,210,409 5,918,082
CA INC COM 12673P105 103,184 3,590,378 SH   SOLE   1,764,938 229,100 1,596,340
CAL DIVE INTL INC DEL COM 12802T101 26,938 20,407,513 SH   SOLE   13,035,463 1,513,841 5,858,209
CALLAWAY GOLF CO COM 131193104 13,002 1,562,329 SH   SOLE   821,833 157,400 583,096
CAMECO CORP COM 13321L108 23,847 1,216,095 SH   SOLE   545,850 98,180 572,065
CARPENTER TECHNOLOGY CORP COM 144285103 108,957 1,722,617 SH   SOLE   947,315 122,820 652,482
CASH AMER INTL INC COM 14754D100 57,091 1,284,935 SH   SOLE   597,429 115,982 571,524
CASTLE A M & CO COM 148411101 21,242 1,924,253 SH   SOLE   937,919 203,992 782,342
CATCHMARK TIMBER TR INC CL A 14912Y202 2,293 167,700 SH   SOLE   167,700 0 0
CHESAPEAKE ENERGY CORP COM 165167107 34,533 1,111,043 SH   SOLE   644,049 61,000 405,994
CHEVRON CORP NEW COM 166764100 6,345 48,600 SH   SOLE   44,200 0 4,400
CITIGROUP INC COM NEW 172967424 74,166 1,574,640 SH   SOLE   748,588 101,470 724,582
COCA COLA CO COM 191216100 9,603 226,700 SH   SOLE   133,200 0 93,500
CONAGRA FOODS INC COM 205887102 18,545 624,823 SH   SOLE   265,856 50,200 308,767
CONOCOPHILLIPS COM 20825C104 40,097 467,700 SH   SOLE   306,100 22,500 139,100
DEVON ENERGY CORP NEW COM 25179M103 2,374 29,900 SH   SOLE   29,900 0 0
DRESSER-RAND GROUP INC COM 261608103 2,351 36,900 SH   SOLE   36,900 0 0
ENERGEN CORP COM 29265N108 2,320 26,100 SH   SOLE   26,100 0 0
ENTERGY CORP NEW COM 29364G103 48,473 590,496 SH   SOLE   337,135 32,100 221,261
EXELON CORP COM 30161N101 71,237 1,952,682 SH   SOLE   1,093,337 106,300 753,045
EZCORP INC CL A NON VTG 302301106 41,368 3,581,538 SH   SOLE   2,090,662 308,794 1,182,082
EXXON MOBIL CORP COM 30231G102 78,170 776,400 SH   SOLE   451,200 45,700 279,500
FMC TECHNOLOGIES INC COM 30249U101 2,332 38,200 SH   SOLE   38,200 0 0
FEDEX CORP COM 31428X106 19,839 131,053 SH   SOLE   55,848 10,300 64,905
FIRST CTZNS BANCSHARES INC N CL A 31946M103 34,870 142,314 SH   SOLE   74,912 13,804 53,598
FIRST HORIZON NATL CORP COM 320517105 34,572 2,914,765 SH   SOLE   1,662,296 262,900 989,569
FLUOR CORP NEW COM 343412102 22,075 287,061 SH   SOLE   126,014 19,500 141,547
FLOWSERVE CORP COM 34354P105 3,807 51,200 SH   SOLE   20,500 0 30,700
GLOBAL CASH ACCESS HLDGS INC COM 378967103 28,363 3,186,685 SH   SOLE   1,805,453 281,823 1,099,409
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 41,871 1,649,068 SH   SOLE   920,842 150,430 577,796
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 68,926 1,852,310 SH   SOLE   1,013,284 177,341 661,685
GREAT PLAINS ENERGY INC COM 391164100 34,905 1,299,006 SH   SOLE   760,885 109,211 428,910
HARSCO CORP COM 415864107 36,349 1,364,953 SH   SOLE   758,437 126,500 480,016
HEALTH INS INNOVATIONS INC COM CL A 42225K106 17,204 1,396,313 SH   SOLE   700,446 146,213 549,654
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 2,342 89,000 SH   SOLE   89,000 0 0
HEWLETT PACKARD CO COM 428236103 60,702 1,802,303 SH   SOLE   841,257 112,300 848,746
HOLLYFRONTIER CORP COM 436106108 2,814 64,400 SH   SOLE   64,400 0 0
HOME DEPOT INC COM 437076102 16,633 205,472 SH   SOLE   89,277 18,800 97,395
ICONIX BRAND GROUP INC COM 451055107 44,183 1,028,926 SH   SOLE   569,706 96,100 363,120
INNOSPEC INC COM 45768S105 53,970 1,250,118 SH   SOLE   749,090 101,847 399,181
INTERVAL LEISURE GROUP INC COM 46113M108 485 22,102 SH   SOLE   22,102 0 0
JPMORGAN CHASE & CO COM 46625H100 70,839 1,229,452 SH   SOLE   518,491 89,900 621,061
KBR INC COM 48242W106 127,723 5,355,362 SH   SOLE   2,919,080 394,100 2,042,182
KAISER ALUMINUM CORP COM PAR $0.01 483007704 42,645 585,251 SH   SOLE   360,200 48,075 176,976
KAPSTONE PAPER & PACKAGING C COM 48562P103 18,597 561,306 SH   SOLE   263,742 62,048 235,516
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 12,207 1,564,955 SH   SOLE   763,335 139,400 662,220
LENNAR CORP CL B 526057302 71,870 2,022,729 SH   SOLE   989,859 184,288 848,582
LEXMARK INTL NEW CL A 529771107 31,736 658,961 SH   SOLE   362,568 61,798 234,595
LILLY ELI & CO COM 532457108 86,578 1,392,588 SH   SOLE   645,234 91,400 655,954
MASTERCARD INC CL A 57636Q104 3,578 48,710 SH   SOLE   18,150 0 30,560
MERCER INTL INC COM 588056101 28,234 2,689,011 SH   SOLE   1,698,797 207,559 782,655
MERCK & CO INC NEW COM 58933Y105 76,431 1,321,208 SH   SOLE   613,565 84,900 622,743
MICROSOFT CORP COM 594918104 80,720 1,935,741 SH   SOLE   897,936 129,100 908,705
MILLER INDS INC TENN COM NEW 600551204 9,894 480,762 SH   SOLE   253,058 46,292 181,412
MUELLER WTR PRODS INC COM SER A 624758108 12,060 1,395,663 SH   SOLE   745,938 131,711 518,014
NATIONAL FUEL GAS CO N J COM 636180101 2,420 30,900 SH   SOLE   30,900 0 0
NELNET INC CL A 64031N108 15,824 382,020 SH   SOLE   204,862 37,300 139,858
NEXTERA ENERGY INC COM 65339F101 5,728 55,900 SH   SOLE   36,400 0 19,500
NORTHROP GRUMMAN CORP COM 666807102 44,810 374,581 SH   SOLE   163,936 21,600 189,045
OCEANEERING INTL INC COM 675232102 2,414 30,900 SH   SOLE   30,900 0 0
ORACLE CORP COM 68389X105 4,022 99,200 SH   SOLE   35,000 0 64,200
PPL CORP COM 69351T106 2,419 68,100 SH   SOLE   68,100 0 0
PARK STERLING CORP COM 70086Y105 22,626 3,433,757 SH   SOLE   1,652,934 335,717 1,445,106
PFIZER INC COM 717081103 85,331 2,874,995 SH   SOLE   1,335,725 201,200 1,338,070
PHILIP MORRIS INTL INC COM 718172109 61,468 729,096 SH   SOLE   244,300 68,500 416,296
PORTLAND GEN ELEC CO COM NEW 736508847 24,486 706,255 SH   SOLE   396,026 59,829 250,400
PUBLIC SVC ENTERPRISE GROUP COM 744573106 2,452 60,100 SH   SOLE   60,100 0 0
RENT A CTR INC NEW COM 76009N100 45,783 1,596,325 SH   SOLE   911,239 143,900 541,186
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 8,353 96,000 SH   SOLE   68,200 19,500 8,300
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 51,348 623,375 SH   SOLE   328,230 22,300 272,845
SCANA CORP NEW COM 80589M102 2,437 45,300 SH   SOLE   45,300 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 26,336 596,325 SH   SOLE   298,639 63,800 233,886
SEACOR HOLDINGS INC COM 811904101 2,090 25,417 SH   SOLE   25,417 0 0
SEMPRA ENERGY COM 816851109 2,377 22,700 SH   SOLE   22,700 0 0
STONE ENERGY CORP COM 861642106 2,817 60,200 SH   SOLE   60,200 0 0
SUNTRUST BKS INC COM 867914103 26,409 659,246 SH   SOLE   328,272 38,100 292,874
SUPERIOR ENERGY SVCS INC COM 868157108 19,517 540,062 SH   SOLE   333,471 44,400 162,191
TENET HEALTHCARE CORP COM NEW 88033G407 15,699 334,390 SH   SOLE   187,638 31,121 115,631
TITAN MACHY INC COM 88830R101 22,589 1,372,336 SH   SOLE   752,802 131,100 488,434
TOTAL S A SPONSORED ADR 89151E109 498 6,900 SH   SOLE   6,900 0 0
TUPPERWARE BRANDS CORP COM 899896104 64,669 772,617 SH   SOLE   390,386 64,900 317,331
TYSON FOODS INC CL A 902494103 22,470 598,493 SH   SOLE   272,388 35,400 290,705
UFP TECHNOLOGIES INC COM 902673102 11,788 489,277 SH   SOLE   208,577 56,651 224,049
VERIZON COMMUNICATIONS INC COM 92343V104 3,937 80,437 SH   SOLE   31,747 0 48,690
VIRTUS INVT PARTNERS INC COM 92828Q109 110,498 521,824 SH   SOLE   291,828 52,703 177,293
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 16,462 492,995 SH   SOLE   227,211 40,254 225,530
VOYA FINL INC COM ADDED 929089100 69,614 1,915,729 SH   SOLE   942,465 144,300 828,964
WAL-MART STORES INC COM 931142103 34,747 462,850 SH   SOLE   201,484 30,200 231,166
WESTERN UN CO COM 959802109 23,841 1,374,988 SH   SOLE   632,557 92,670 649,761
WET SEAL INC CL A 961840105 2,485 2,732,322 SH   SOLE   1,137,965 330,989 1,263,368
WILEY JOHN & SONS INC CL A 968223206 17,772 293,331 SH   SOLE   187,647 20,500 85,184