UNITED STATES
SECURITIES AND EXCHANGE COMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2011
Check here if Amendment []; Amendment Number:

This Amendment:		[] is a restatement
			[] adds new holdings entries

Institutional Money Manager Filing the Report:
			Name:			Lapides Asset Management, LLC
			Address:		500 West Putnam Avenue
						4th Floor
						Greenwich, CT 06830
			13F File Number:	028-12084

The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts of
this submission.

Person Signing this Report on Behalf of Reporting Manager:

Name:			Anne Selkovits
Title:			Compliance Associate
Phone:			203-422-7202
Signature,		Place,			and Date of Signing,
Anne Selkovits		Greenwich, CT		February 9, 2012
Report Type:		[X]	13F HOLDINGS REPORT
			[]	13F NOTICE
			[]	13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:


FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:		0
Form 13F Information Table Entry Total:	87
Form 13F Information Table Value Total:	$690,876

List of Other Included Managers:		0

No. 13F File Number	Name


					
FORM 13F INFORMATION TABLE

			Value	Shares/	Sh/	Put/	Invstmt	Other	Voting
Name of Issuer	Title of class	CUSIP	(x$1000)	Prn Amt	Prn	Call	Dscretn	Managers	Sole	Shared	None
-------------------------	--------------	---------	--------	-------	---	----	-------	----------	------	------	-------
Aarons Inc	COM	002535300	22043	826200	SH		Sole		760750	0	65450
ABM Industries Inc	COM	000957100	4703	228100	SH		Sole		228100	0	0
Acco Brands Corp	COM	00081t108	7052	730800	SH		Sole		490700	0	240100
Accuray Inc	COM	004397105	6519	1541100	SH		Sole		1087100	0	454000
Acxiom Corp	COM	005125109	9944	814400	SH		Sole		682200	0	132200
AFC Enterprises Inc	COM	00104q107	882	60000	SH		Sole		24200	0	35800
Affiliated Managers Group	COM	008252108	3483	36300	SH		Sole		36300	0	0
Albany Intl Corp Cl A	COM	012348108	3702	160100	SH		Sole		111800	0	48300
Alliance Data Systems Corp	COM	018581108	4652	44800	SH		Sole		44800	0	0
Amdocs Ltd	COM	g02602103	22676	794800	SH		Sole		794800	0	0
American Software Inc Cl A	COM	029683109	2055	217500	SH		Sole		120100	0	97400
Amphenol Corp Cl A	COM	032095101	3736	82300	SH		Sole		82300	0	0
AngioDynamics Inc	COM	03475v101	5072	342500	SH		Sole		250900	0	91600
Ashland Inc	COM	044209104	2795	48900	SH		Sole		48900	0	0
Avery Dennison Corp	COM	053611109	5073	176900	SH		Sole		176900	0	0
Avnet Inc	COM	053807103	14951	480900	SH		Sole		480900	0	0
Avon Products Inc	COM	054303102	3698	211700	SH		Sole		211700	0	0
Ball Corp	COM	058498106	13120	367400	SH		Sole		367400	0	0
Bally Technologies Inc	COM	05874b107	21608	546200	SH		Sole		546200	0	0
Belden Inc	COM	077454106	3212	96500	SH		Sole		63300	0	33200
Brady Corp Cl A	COM	104674106	5964	188900	SH		Sole		153100	0	35800
Bridgepoint Education Inc	COM	10807m105	14465	628900	SH		Sole		505900	0	123000
Broadridge Financial Solutions	COM	11133t103	24584	1090200	SH		Sole		1090200	0	0
Buckeye Technologies Inc	COM	118255108	4922	147200	SH		Sole		119100	0	28100
Cabot Microelectronics Corp	COM	12709p103	2240	47400	SH		Sole		35000	0	12400
Checkpoint Systems Inc	COM	162825103	16806	1536200	SH		Sole		1403200	0	133000
Ciber Inc	COM	17163b102	4865	1260300	SH		Sole		878900	0	381400
Consolidated Graphics Inc	COM	209341106	7025	145500	SH		Sole		97300	0	48200
Crown Holdings Inc	COM	228368106	2713	80800	SH		Sole		80800	0	0
CSG Systems Intl Inc	COM	126349109	5531	376000	SH		Sole		257800	0	118200
Electro Rent Corp	COM	285218103	3888	226700	SH		Sole		157500	0	69200
Euronet Worldwide Inc	COM	298736109	4042	218700	SH		Sole		157900	0	60800
FMC Corp	COM	302491303	5403	62800	SH		Sole		62800	0	0
Gildan Activewear Inc	COM	375916103	10537	560800	SH		Sole		560800	0	0
Harman Intl Industries Inc	COM	413086109	24852	653300	SH		Sole		603900	0	49400
Harsco Corp	COM	415864107	4225	205300	SH		Sole		205300	0	0
Henry Schein Inc	COM	806407102	3673	57000	SH		Sole		57000	0	0
Hill International Inc	COM	431466101	3111	605300	SH		Sole		329100	0	276200
Huron Consulting Group Inc	COM	447462102	4990	128800	SH		Sole		87200	0	41600
Iconix Brand Group Inc	COM	451055107	2927	179700	SH		Sole		72500	0	107200
IIVI Inc	COM	902104108	619	33700	SH		Sole		33700	0	0
Insperity Inc	COM	45778q107	13712	540900	SH		Sole		488100	0	52800
Intermec Inc	COM	458786100	5791	844200	SH		Sole		602100	0	242100
ITT Educational Services Inc	COM	45068b109	18393	323300	SH		Sole		323300	0	0
JDA Software Group Inc	COM	46612k108	10261	316800	SH		Sole		265300	0	51500
KAR Auction Services Inc	COM	48238t109	3202	237200	SH		Sole		237200	0	0
Kid Brands Inc	COM	49375t100	2448	774700	SH		Sole		384900	0	389800
Laboratory Corp America Holdin	COM	50540r409	3808	44300	SH		Sole		44300	0	0
Learning Tree Intl Inc	COM	522015106	6699	977900	SH		Sole		870400	0	107500
Lincoln Educational Services C	COM	533535100	914	115700	SH		Sole		46100	0	69600
Lumber Liquidators Holdings In	COM	55003t107	1981	112200	SH		Sole		45300	0	66900
Maidenform Brands Inc	COM	560305104	4542	248200	SH		Sole		180700	0	67500
McGrath RentCorp	COM	580589109	3032	104600	SH		Sole		69100	0	35500
Measurement Specialties Inc	COM	583421102	3895	139300	SH		Sole		56200	0	83100
Minerals Technologies Inc	COM	603158106	7015	124100	SH		Sole		109200	0	14900
Mobile Mini Inc	COM	60740f105	23024	1319420	SH		Sole		1211520	0	107900
Molex Inc	COM	608554101	12407	520000	SH		Sole		520000	0	0
Monster Worldwide Inc	COM	611742107	21633	2728000	SH		Sole		2486700	0	241300
NCR Corp	COM	62886e108	7086	430480	SH		Sole		430480	0	0
NeuStar Inc Cl A	COM	64126x201	20030	586200	SH		Sole		586200	0	0
Nutri Systems Inc	COM	67069d108	2762	213600	SH		Sole		141700	0	71900
Old Dominion Freight Lines Inc	COM	679580100	14765	364300	SH		Sole		312850	0	51450
Packaging Corp America	COM	695156109	984	39000	SH		Sole		39000	0	0
Parametric Technology Corp	COM	699173209	19111	1046600	SH		Sole		1046600	0	0
Parexel Intl Corp	COM	699462107	6956	335400	SH		Sole		265400	0	70000
Plantronics Inc	COM	727493108	3985	111800	SH		Sole		83300	0	28500
Regis Corp Minn	COM	758932107	1407	85000	SH		Sole		32400	0	52600
Richardson Electronics Ltd	COM	763165107	805	65500	SH		Sole		25900	0	39600
Rimage Corp	COM	766721104	2059	183000	SH		Sole		81100	0	101900
Rock-Tenn Co Cl A	COM	772739207	31256	541700	SH		Sole		541700	0	0
Rockwood Holdings Inc	COM	774415103	547	13900	SH		Sole		13900	0	0
Royal Caribbean Cruises Ltd	COM	v7780t103	13802	557200	SH		Sole		557200	0	0
Sally Beauty Holdings Inc	COM	79546e104	6850	324200	SH		Sole		266200	0	58000
SEI Investments Co	COM	784117103	17249	994200	SH		Sole		994200	0	0
Solera Holdings Inc	COM	83421a104	428	9600	SH		Sole		9600	0	0
SonoSite Inc	COM	83568g104	9641	179000	SH		Sole		141300	0	37700
Standard Parking Corp	COM	853790103	4019	224926	SH		Sole		150826	0	74100
Summer Infant Inc	COM	865646103	738	104900	SH		Sole		104900	0	0
Tetra Tech Inc	COM	88162g103	6460	299200	SH		Sole		299200	0	0
Transcend Services Inc	COM	893929208	1526	64300	SH		Sole		24000	0	40300
Trex Co Inc	COM	89531p105	5744	250700	SH		Sole		163900	0	86800
United Stationers Inc	COM	913004107	6072	186500	SH		Sole		186500	0	0
Varian Med Systems Inc	COM	92220p105	2940	43800	SH		Sole		43800	0	0
Warnaco Group Inc	COM	934390402	2842	56800	SH		Sole		56800	0	0
Weight Watchers Intl Inc	COM	948626106	8780	159600	SH		Sole		159600	0	0
Western Union Co	COM	959802109	19432	1064200	SH		Sole		1064200	0	0
Zebra Technologies Corp Cl A	COM	989207105	11485	321000	SH		Sole		321000	0	0