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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Abbott LaboratoriesCommon0028241003718,266SH SOLE 8,26600
Abbvie IncCommon00287Y1093586,042SH SOLE 6,04200
Air Industries Group IncCommon00912N20534041,746SH SOLE 41,74600
Alphabet Inc - Cl C Non-VotingCommon02079K1073,9625,221SH SOLE 5,22100
Alphabet Inc - Par OrdinaryCommon02079K3055,0796,528SH SOLE 6,52800
Altria Group IncCommon02209S1033936,752SH SOLE 6,75200
American International GroupCommon02687478415,261246,266SH SOLE 246,26600
Anadarko Petroleum CorpCommon0325111072284,701SH SOLE 4,70100
Annaly Capital Management IncCommon03571040913113,945SH SOLE 13,94500
Anthem Inc.Common0367521032862,050SH SOLE 2,05000
Ares Capital Corp.Conv Bond04010LAB92,2992,300,000PRN SOLE 2,300,00000
AT&T IncCommon00206R1023399,858SH SOLE 9,85800
Bank of New York MellonCommon0640581003739,045SH SOLE 9,04500
Barrick Gold CorpCommon06790110810614,373SH SOLE 14,37300
Berkshire Hathaway Inc Cl-BCommon08467070216,120122,084SH SOLE 122,08400
Boeing CoCommon0970231053052,109SH SOLE 2,10900
Bridgeline Digital Inc - Reg DCommon10807Q3046863,158SH SOLE 63,15800
Bristol-Myers Squibb CoCommon1101221084055,888SH SOLE 5,88800
Capital One Financial Corp.Warrant14040H13942113,440SH SOLE 13,44000
CenturyLink, Inc.Common1567001062088,281SH SOLE 8,28100
Chesapeake Energy Corp - Callable after 05/15/17Conv Bond165167BZ91,2222,600,000PRN SOLE 2,600,00000
Chevron CorpCommon1667641003453,833SH SOLE 3,83300
Chicago Bridge & Iron Company NVCommon1672501099,051232,144SH SOLE 232,14400
Cisco Systems IncCommon17275R10211,277415,274SH SOLE 415,27400
Citigroup IncCommon1729674248,526164,752SH SOLE 164,75200
Coca-Cola CoCommon1912161003878,999SH SOLE 8,99900
Consol Energy IncCommon20854P1095,016634,923SH SOLE 634,92300
Danaher CorpCommon23585110212,472134,284SH SOLE 134,28400
Dean Foods CompanyCommon24237020335420,664SH SOLE 20,66400
Eli Lilly & CoCommon5324571082953,497SH SOLE 3,49700
Emerson Electric CoCommon2910111043306,901SH SOLE 6,90100
Exxon Mobil CorpCommon30231G1025547,108SH SOLE 7,10800
Fair Isaac & CoCommon3032501042,09222,209SH SOLE 22,20900
First Financial Bancorp WarrantsWarrant32020911745772,720SH SOLE 72,72000
Fiserv Inc WisconsinCommon3377381082783,036SH SOLE 3,03600
General Electric CoCommon36960410373223,514SH SOLE 23,51400
Genworth Financial Inc Cl-ACommon37247d1064712,728SH SOLE 12,72800
Goldcorp Inc.Common38095640911610,075SH SOLE 10,07500
Goldman Sachs Group IncCommon38141G1048,77148,665SH SOLE 48,66500
Hartford Financial Service Group WarrantsWarrant4165151207,573209,884SH SOLE 209,88400
Hewlett Packard EnterpriseCommon42824C1093,505230,575SH SOLE 230,57500
Hornbeck Offshore ServicesConv Bond440543AN61,3592,400,000PRN SOLE 2,400,00000
Horsehead Holding CorpConv Bond440694AB33521,375,000PRN SOLE 1,375,00000
HP IncCommon40434L1052,738231,220SH SOLE 231,22000
Illinois Tool Works IncCommon45230810910,246110,549SH SOLE 110,54900
Intel CorpConv Bond458140AD25,3734,200,000PRN SOLE 4,200,00000
iShares Barclays 1-3 Year CrETF4642886465,88456,256SH SOLE 56,25600
iShares Russell 3000 IndexCommon4642876891,88615,675SH SOLE 15,67500
Jefferies Group - Putable at 100Conv Bond472319AG72,0302,040,000PRN SOLE 2,040,00000
Johnson & JohnsonCommon47816010414,806144,136SH SOLE 144,13600
Kohl's CorpCommon50025510410,777226,266SH SOLE 226,26600
Leucadia National CorpCommon52728810410,141583,137SH SOLE 583,13700
Lincoln National Corp WarrantsWarrant53418711770316,540SH SOLE 16,54000
Loews Corp.Common5404241089,418245,266SH SOLE 245,26600
Mednax IncCommon58502B1063635,067SH SOLE 5,06700
Microsoft CorpCommon59491810412,215220,166SH SOLE 220,16600
National Presto IndustriesCommon63721510410,642128,428SH SOLE 128,42800
Newmont Mining CorpCommon65163910631017,207SH SOLE 17,20700
Park National CorpCommon7006581072,06522,823SH SOLE 22,82300
Paychex IncCommon7043261074618,722SH SOLE 8,72200
Pepsico IncCommon7134481082552,556SH SOLE 2,55600
Petroleo Brasileiro S.ACommon71654V40813130,457SH SOLE 30,45700
Procter & Gamble CoCommon7427181094715,931SH SOLE 5,93100
RAIT Financial TrustCommon74922760912947,739SH SOLE 47,73900
Rait Financial Trust - Putable at 100Conv Bond749227AB01,7392,200,000PRN SOLE 2,200,00000
Rait Financial Trust - Putable at 100Conv Bond749227AA2141145,000PRN SOLE 145,00000
Redwood Trust Inc.Conv Bond758075AB12,1422,300,000PRN SOLE 2,300,00000
Republic Services IncCommon76075910010,138230,451SH SOLE 230,45100
RTI Intl MetalsConv Bond74973WAB32,4562,400,000PRN SOLE 2,400,00000
Schwab International Equity Fund ETFCommon8085248052649,590SH SOLE 9,59000
Servisfirst Bancshares IncCommon81768T1084,38092,148SH SOLE 92,14800
Smith & Wesson Holding CorpCommon83175610112,704577,982SH SOLE 577,98200
Spdr S&P Oil & Gas ExplorationCommon78464A73071523,655SH SOLE 23,65500
State National Companies Inc.Common85711T30519620,000SH SOLE 20,00000
Stryker CorpCommon8636671019,779105,214SH SOLE 105,21400
Thermo Fisher Scientific IncCommon8835561029,34365,868SH SOLE 65,86800
Time Warner IncCommon8873173032664,108SH SOLE 4,10800
Under Armour IncCommon9043111072633,262SH SOLE 3,26200
Vanguard Total World Stock ETFCommon9220427422744,750SH SOLE 4,75000
Wal-Mart Stores IncCommon9311421034266,947SH SOLE 6,94700
Waste Management IncCommon94106L1094608,615SH SOLE 8,61500
Wells Fargo & CoCommon94974610111,410209,898SH SOLE 209,89800
Xerox CorpCommon9841211039,981938,963SH SOLE 938,96300