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 TEMP B38564124 26,355 2,185,293 SH   SOLE   1,091,057 179,500 914,736
ACTAVIS PLC SHS G0083B108 17,631 59,225 SH   SOLE   28,300 6,000 24,925
ENERGY XXI LTD USD UNRS SHS G10082140 11,071 3,040,714 SH   SOLE   1,687,402 274,900 1,078,412
ENSCO PLC SHS CLASS A G3157S106 81,443 3,865,455 SH   SOLE   2,233,809 196,900 1,434,746
HERBALIFE LTD COM USD SHS G4412G101 71,422 1,670,306 SH   SOLE   830,786 126,000 713,520
NORDIC AMERICAN TANKERS LIMI COM G65773106 65,595 5,507,780 SH   SOLE   3,246,341 446,919 1,814,520
OM ASSET MGMT PLC SHS G67506108 15,583 835,940 SH   SOLE   426,751 83,200 325,989
XL GROUP PLC SHS G98290102 13,150 357,467 SH   SOLE   159,799 30,878 166,790
TE CONNECTIVITY LTD REG SHS H84989104 19,966 278,806 SH   SOLE   122,510 19,400 136,896
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 24,835 923,563 SH   SOLE   586,924 71,100 265,539
OCEAN RIG UDW INC SHS Y64354205 37,249 5,652,349 SH   SOLE   3,272,344 476,450 1,903,555
TEEKAY TANKERS LTD CL A Y8565N102 40,610 7,074,496 SH   SOLE   4,530,896 513,000 2,030,600
ABBVIE INC COM 00287Y109 1,524 26,037 SH   SOLE   15,600 0 10,437
ALCOA INC COM 013817101 32,860 2,543,516 SH   SOLE   1,417,700 151,800 974,016
ALLY FINL INC COM 02005N100 44,969 2,143,467 SH   SOLE   1,072,827 159,500 911,140
AMERICAN ELEC PWR INC COM 025537101 3,216 57,200 SH   SOLE   18,600 0 38,600
AMERICAN INTL GROUP INC COM NEW 026874784 40,042 730,845 SH   SOLE   351,700 51,000 328,145
ARGAN INC COM 04010E109 15,102 417,560 SH   SOLE   214,862 38,891 163,807
ARRIS GROUP INC NEW COM 04270V106 46,435 1,607,021 SH   SOLE   804,258 164,363 638,400
ASTRAZENECA PLC SPONSORED ADR 046353108 1,307 19,100 SH   SOLE   11,800 0 7,300
BP PLC SPONSORED ADR 055622104 18,797 480,664 SH   SOLE   253,914 21,900 204,850
BANK AMER CORP COM 060505104 76,140 4,947,126 SH   SOLE   2,491,336 376,200 2,079,590
CNO FINL GROUP INC COM 12621E103 229,483 13,326,401 SH   SOLE   6,728,171 1,176,209 5,422,021
CA INC COM 12673P105 110,158 3,378,031 SH   SOLE   1,671,260 245,300 1,461,471
CALLAWAY GOLF CO COM 131193104 13,570 1,423,938 SH   SOLE   696,002 150,300 577,636
CAMECO CORP COM 13321L108 13,023 934,908 SH   SOLE   443,050 75,980 415,878
CARPENTER TECHNOLOGY CORP COM 144285103 131,623 3,385,304 SH   SOLE   1,799,247 293,020 1,293,037
CASH AMER INTL INC COM 14754D100 12,563 539,180 SH   SOLE   259,100 55,900 224,180
CASTLE A M & CO COM 148411101 9,805 2,686,142 SH   SOLE   1,297,702 280,981 1,107,459
CATCHMARK TIMBER TR INC CL A 14912Y202 6,607 563,961 SH   SOLE   457,673 19,000 87,288
CHESAPEAKE ENERGY CORP COM 165167107 15,568 1,099,364 SH   SOLE   624,700 61,000 413,664
CHEVRON CORP NEW COM 166764100 2,499 23,800 SH   SOLE   23,800 0 0
CITIGROUP INC COM NEW 172967424 74,665 1,449,187 SH   SOLE   731,580 101,470 616,137
COCA COLA CO COM 191216100 433 10,700 SH   SOLE   7,000 0 3,700
CONAGRA FOODS INC COM 205887102 26,334 720,909 SH   SOLE   329,700 50,600 340,609
CONMED CORP COM 207410101 1,666 33,000 SH   SOLE   33,000 0 0
CONOCOPHILLIPS COM 20825C104 4,892 78,600 SH   SOLE   27,000 0 51,600
DEVON ENERGY CORP NEW COM 25179M103 1,309 21,700 SH   SOLE   21,700 0 0
DRESSER-RAND GROUP INC COM 261608103 1,342 16,700 SH   SOLE   16,700 0 0
ENOVA INTL INC COM 29357K103 22,464 1,140,933 SH   SOLE   597,023 113,267 430,643
ENTERGY CORP NEW COM 29364G103 34,619 446,719 SH   SOLE   250,428 30,000 166,291
EXELON CORP COM 30161N101 54,704 1,627,607 SH   SOLE   907,912 106,300 613,395
EZCORP INC CL A NON VTG 302301106 26,310 2,881,805 SH   SOLE   1,264,367 330,694 1,286,744
EXXON MOBIL CORP COM 30231G102 6,019 70,800 SH   SOLE   70,800 0 0
FEDEX CORP COM 31428X106 20,169 121,895 SH   SOLE   59,300 10,300 52,295
FIRST CTZNS BANCSHARES INC N CL A 31946M103 35,902 138,238 SH   SOLE   67,996 13,804 56,438
FIRST HORIZON NATL CORP COM 320517105 37,980 2,657,865 SH   SOLE   1,357,642 262,900 1,037,323
FLUOR CORP NEW COM 343412102 19,050 333,227 SH   SOLE   156,900 24,100 152,227
FLOWSERVE CORP COM 34354P105 3,141 55,600 SH   SOLE   17,500 0 38,100
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 38,807 1,698,313 SH   SOLE   806,987 170,430 720,896
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 59,572 1,703,595 SH   SOLE   832,957 177,341 693,297
GREAT PLAINS ENERGY INC COM 391164100 28,930 1,084,496 SH   SOLE   526,775 109,211 448,510
HARSCO CORP COM 415864107 31,669 1,834,633 SH   SOLE   983,976 172,600 678,057
HEALTH INS INNOVATIONS INC COM CL A 42225K106 5,206 666,569 SH   SOLE   199,422 97,446 369,701
HEWLETT PACKARD CO COM 428236103 27,957 897,279 SH   SOLE   425,683 67,500 404,096
HOLLYFRONTIER CORP COM 436106108 1,559 38,700 SH   SOLE   38,700 0 0
HOME DEPOT INC COM 437076102 19,621 172,735 SH   SOLE   89,400 16,000 67,335
ICONIX BRAND GROUP INC COM 451055107 25,243 749,760 SH   SOLE   360,895 74,200 314,665
INNOSPEC INC COM 45768S105 69,430 1,496,672 SH   SOLE   836,237 133,153 527,282
JPMORGAN CHASE & CO COM 46625H100 66,048 1,090,326 SH   SOLE   507,900 89,900 492,526
KBR INC COM 48242W106 133,313 9,206,488 SH   SOLE   4,830,851 742,346 3,633,291
KAISER ALUMINUM CORP COM PAR $0.01 483007704 36,170 470,408 SH   SOLE   240,857 48,075 181,476
KAPSTONE PAPER & PACKAGING C COM 48562P103 13,606 414,306 SH   SOLE   199,842 42,448 172,016
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 12,346 2,233,037 SH   SOLE   1,075,727 228,000 929,310
LENNAR CORP CL B 526057302 59,798 1,454,961 SH   SOLE   658,860 155,088 641,013
LEXMARK INTL NEW CL A 529771107 22,814 538,841 SH   SOLE   270,981 53,298 214,562
LILLY ELI & CO COM 532457108 82,277 1,132,550 SH   SOLE   554,864 79,900 497,786
LYON WILLIAM HOMES CL A NEW 552074700 26,723 1,034,932 SH   SOLE   533,515 108,600 392,817
MASTERCARD INC CL A 57636Q104 3,797 43,950 SH   SOLE   18,150 0 25,800
MERCER INTL INC COM 588056101 20,631 1,343,111 SH   SOLE   629,938 142,900 570,273
MERCK & CO INC NEW COM 58933Y105 67,625 1,176,483 SH   SOLE   562,500 81,300 532,683
MICROSOFT CORP COM 594918104 54,833 1,348,776 SH   SOLE   644,600 96,000 608,176
MILLER INDS INC TENN COM NEW 600551204 12,526 511,345 SH   SOLE   253,977 46,469 210,899
NATIONAL FUEL GAS CO N J COM 636180101 1,212 20,100 SH   SOLE   20,100 0 0
NELNET INC CL A 64031N108 14,861 314,051 SH   SOLE   143,793 30,000 140,258
NEXTERA ENERGY INC COM 65339F101 3,247 31,200 SH   SOLE   16,300 0 14,900
NORTHROP GRUMMAN CORP COM 666807102 60,143 373,643 SH   SOLE   170,000 24,600 179,043
OCEANEERING INTL INC COM 675232102 1,144 21,200 SH   SOLE   21,200 0 0
ORACLE CORP COM 68389X105 3,883 90,000 SH   SOLE   29,500 0 60,500
PPL CORP COM 69351T106 1,364 40,500 SH   SOLE   40,500 0 0
PARK STERLING CORP COM 70086Y105 24,978 3,518,218 SH   SOLE   1,679,940 339,217 1,499,061
PFIZER INC COM 717081103 86,311 2,480,910 SH   SOLE   1,213,900 194,300 1,072,710
PHILIP MORRIS INTL INC COM 718172109 48,535 644,276 SH   SOLE   230,500 58,100 355,676
PORTLAND GEN ELEC CO COM NEW 736508847 23,633 637,169 SH   SOLE   305,940 65,829 265,400
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,488 35,500 SH   SOLE   35,500 0 0
RENT A CTR INC NEW COM 76009N100 1,481 54,000 SH   SOLE   54,000 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 2,213 35,300 SH   SOLE   24,300 10,100 900
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 30,402 509,639 SH   SOLE   282,658 22,300 204,681
SCANA CORP NEW COM 80589M102 1,671 30,400 SH   SOLE   30,400 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 30,472 593,425 SH   SOLE   300,939 62,500 229,986
SEACOR HOLDINGS INC COM 811904101 1,220 17,517 SH   SOLE   17,517 0 0
SEMPRA ENERGY COM 816851109 1,603 14,700 SH   SOLE   14,700 0 0
STONE ENERGY CORP COM 861642106 698 47,600 SH   SOLE   47,600 0 0
SUNTRUST BKS INC COM 867914103 26,173 636,966 SH   SOLE   347,372 38,100 251,494
TENET HEALTHCARE CORP COM NEW 88033G407 14,366 290,141 SH   SOLE   163,689 25,421 101,031
TITAN MACHY INC COM 88830R101 11,729 878,598 SH   SOLE   399,116 98,200 381,282
TUPPERWARE BRANDS CORP COM 899896104 74,066 1,073,119 SH   SOLE   553,509 94,300 425,310
TYSON FOODS INC CL A 902494103 21,383 558,240 SH   SOLE   290,835 35,400 232,005
UFP TECHNOLOGIES INC COM 902673102 11,792 517,634 SH   SOLE   210,057 59,551 248,026
VERIZON COMMUNICATIONS INC COM 92343V104 3,921 80,637 SH   SOLE   23,747 0 56,890
VIRTUS INVT PARTNERS INC COM 92828Q109 31,678 242,238 SH   SOLE   118,035 25,226 98,977
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 13,776 421,463 SH   SOLE   191,788 40,254 189,421
VOYA FINL INC COM 929089100 46,291 1,073,827 SH   SOLE   533,155 85,600 455,072
WAL-MART STORES INC COM 931142103 36,287 441,186 SH   SOLE   213,900 30,200 197,086
WILEY JOHN & SONS INC CL A 968223206 6,327 103,497 SH   SOLE   44,840 12,286 46,371