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  <infoTable>
    <nameOfIssuer>1-800-FLOWERS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68243Q106</cusip>
    <value>1704</value>
    <shrsOrPrnAmt>
      <sshPrnamt>315050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>294450</Sole>
      <Shared>20600</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>1ST CONSTIT BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31986N102</cusip>
    <value>125</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11550</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>1ST SOURCE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>336901103</cusip>
    <value>3400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106452</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106452</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>1ST UNITED BANCO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33740N105</cusip>
    <value>1188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>156100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>141800</Sole>
      <Shared>14300</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>3M CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>21073</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150255</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150255</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AAR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>000361105</cusip>
    <value>11094</value>
    <shrsOrPrnAmt>
      <sshPrnamt>396060</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>391760</Sole>
      <Shared>4300</Shared>
      <None>18</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002824100</cusip>
    <value>539</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14050</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBVIE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>579</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10960</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10960</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCESS NATL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>004337101</cusip>
    <value>550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36800</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCO BRANDS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00081T108</cusip>
    <value>3177</value>
    <shrsOrPrnAmt>
      <sshPrnamt>472800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>472800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCURIDE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00439T206</cusip>
    <value>1267</value>
    <shrsOrPrnAmt>
      <sshPrnamt>339600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>319600</Sole>
      <Shared>20000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACE LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>H0023R105</cusip>
    <value>3044</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACELRX PHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00444T100</cusip>
    <value>1276</value>
    <shrsOrPrnAmt>
      <sshPrnamt>112800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>98000</Sole>
      <Shared>14800</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACETO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>004446100</cusip>
    <value>1020</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACTAVIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0083B108</cusip>
    <value>2654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACTIONS SEMI-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>00507E107</cusip>
    <value>173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACTIVISION BLIZZ</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00507V109</cusip>
    <value>6827</value>
    <shrsOrPrnAmt>
      <sshPrnamt>382900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>378200</Sole>
      <Shared>4700</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADAMS RESOURCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>006351308</cusip>
    <value>4508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65814</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65600</Sole>
      <Shared>214</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADDUS HOMECARE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>006739106</cusip>
    <value>6685</value>
    <shrsOrPrnAmt>
      <sshPrnamt>297763</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>297763</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADEPT TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>006854202</cusip>
    <value>388</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>23000</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADV ENERGY INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007973100</cusip>
    <value>539</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AEGEAN MARINE PE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y0017S102</cusip>
    <value>1920</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>171100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AEGION CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00770F104</cusip>
    <value>1357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AEP INDUSTRIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001031103</cusip>
    <value>740</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AEROCENTURY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007737109</cusip>
    <value>187</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AES CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00130H105</cusip>
    <value>3865</value>
    <shrsOrPrnAmt>
      <sshPrnamt>266400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>266400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AFFYMETRIX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00826T108</cusip>
    <value>132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15450</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AFLAC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001055102</cusip>
    <value>6112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91500</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AGCO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001084102</cusip>
    <value>3196</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AGILYSYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00847J105</cusip>
    <value>1666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106700</Sole>
      <Shared>13000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AGL RESOURCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001204106</cusip>
    <value>3627</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AH BELO CORP.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001282102</cusip>
    <value>1049</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140471</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122250</Sole>
      <Shared>18221</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AIR TRANSPORT SE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00922R105</cusip>
    <value>3088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>381700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>381700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AIRCASTLE LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0129K104</cusip>
    <value>3383</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176570</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176570</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALASKA COMM SYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>01167P101</cusip>
    <value>2368</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1116900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1039900</Sole>
      <Shared>77000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALBANY MOLECULAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>012423109</cusip>
    <value>4155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>412200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>399300</Sole>
      <Shared>12900</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALEXZA PHARMACEU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>015384209</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALICO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>016230104</cusip>
    <value>552</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALIMERA SCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>016259103</cusip>
    <value>711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>151225</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>126200</Sole>
      <Shared>25025</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALLIANCE BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>01890A108</cusip>
    <value>713</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALLIANCE DATA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018581108</cusip>
    <value>10649</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>500</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALLIANCE HEALTHCARE SRVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018606301</cusip>
    <value>4336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175250</Sole>
      <Shared>0</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALLIANT ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018802108</cusip>
    <value>2100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALLIED MOTION TE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>019330109</cusip>
    <value>220</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17650</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALLSTATE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020002101</cusip>
    <value>3218</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALMOST FAMILY IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020409108</cusip>
    <value>1623</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50200</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALON USA ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020520102</cusip>
    <value>2227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALPHA &amp; OMEGA SE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G6331P104</cusip>
    <value>810</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>105000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALPHA NATURAL RE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02076X102</cusip>
    <value>814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>114000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALPHA PRO TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020772109</cusip>
    <value>294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>136700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106700</Sole>
      <Shared>30000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALPHATEC HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02081G102</cusip>
    <value>1357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>675088</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>675088</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMAZON.COM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>23618</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59225</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59225</Sole>
      <Shared>0</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMDOCS LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G02602103</cusip>
    <value>3955</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMEDISYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023436108</cusip>
    <value>2984</value>
    <shrsOrPrnAmt>
      <sshPrnamt>203960</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>203960</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMER EQUITY INVT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025676206</cusip>
    <value>4599</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>174350</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMER NATL BNKSHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>027745108</cusip>
    <value>1668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57660</Sole>
      <Shared>5900</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMER PAC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>028740108</cusip>
    <value>2251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMER RIVER BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>029326105</cusip>
    <value>558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39500</Sole>
      <Shared>19500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMER SOFTWARE-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>029683109</cusip>
    <value>728</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62200</Sole>
      <Shared>11600</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMER WOODMARK CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>030506109</cusip>
    <value>429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10850</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERCO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023586100</cusip>
    <value>4067</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17100</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN APPAREL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023850100</cusip>
    <value>437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>355350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>355350</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN DG ENER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025398108</cusip>
    <value>309</value>
    <shrsOrPrnAmt>
      <sshPrnamt>181811</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>181811</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN INTERNA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>026874784</cusip>
    <value>3512</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN RAILCAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02916P103</cusip>
    <value>2814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN TOWER-A (REIT)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03027X100</cusip>
    <value>2538</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERIS BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03076K108</cusip>
    <value>1560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73900</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERISAFE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03071H100</cusip>
    <value>422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERISERV FINANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03074A102</cusip>
    <value>304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100286</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100286</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERISOURCEBERGEN CORP COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03073E105</cusip>
    <value>3347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46400</Sole>
      <Shared>1200</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMICUS THERAPEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03152W109</cusip>
    <value>285</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMKOR TECH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031652100</cusip>
    <value>7111</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1160000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1140600</Sole>
      <Shared>19400</Shared>
      <None>18</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMN HEALTHCARE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001744101</cusip>
    <value>3328</value>
    <shrsOrPrnAmt>
      <sshPrnamt>226400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>226400</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMPCO-PITTSBURGH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032037103</cusip>
    <value>1332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68505</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62005</Sole>
      <Shared>6500</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMPHENOL CORP.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032095101</cusip>
    <value>3041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34100</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMPIO PHARMACEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03209T109</cusip>
    <value>647</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMREP CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032159105</cusip>
    <value>189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMSURG CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03232P405</cusip>
    <value>2211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48150</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMTECH SYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032332504</cusip>
    <value>664</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89300</Sole>
      <Shared>6100</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMYRIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03236M101</cusip>
    <value>1433</value>
    <shrsOrPrnAmt>
      <sshPrnamt>270800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220000</Sole>
      <Shared>50800</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANACOR PHARMACEU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032420101</cusip>
    <value>1977</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>17800</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANDERSONS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>034164103</cusip>
    <value>7880</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88375</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANGIODYNAMICS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03475V101</cusip>
    <value>2607</value>
    <shrsOrPrnAmt>
      <sshPrnamt>151900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>151900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANI PHARMACEUTIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00182C103</cusip>
    <value>470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23416</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23416</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANIKA THERAPEUTI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>035255108</cusip>
    <value>3690</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96689</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88689</Sole>
      <Shared>8000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APPLE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>33833</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60307</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60107</Sole>
      <Shared>200</Shared>
      <None>27</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARABIAN AMER DEV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>038465100</cusip>
    <value>957</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76249</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76249</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARC DOCUMENT SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00191G103</cusip>
    <value>4384</value>
    <shrsOrPrnAmt>
      <sshPrnamt>533300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>533300</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARCA BIOPHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00211Y209</cusip>
    <value>202</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARCH CAPITAL GRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0450A105</cusip>
    <value>6464</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106600</Sole>
      <Shared>1700</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARDEN GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>039762109</cusip>
    <value>701</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5540</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARGAN INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04010E109</cusip>
    <value>1745</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARK RESTAURANTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>040712101</cusip>
    <value>213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARKANSAS BEST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>040790107</cusip>
    <value>4210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>125000</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARLINGTON ASSE-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>041356205</cusip>
    <value>823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28200</Sole>
      <Shared>3000</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARQULE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04269E107</cusip>
    <value>865</value>
    <shrsOrPrnAmt>
      <sshPrnamt>402500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>347500</Sole>
      <Shared>55000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARROW FINL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>042744102</cusip>
    <value>619</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARTESIAN RES-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>043113208</cusip>
    <value>391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17030</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASB BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00213T109</cusip>
    <value>362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASTA FUNDING INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>046220109</cusip>
    <value>1480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>162550</Sole>
      <Shared>13200</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASTORIA FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>046265104</cusip>
    <value>3244</value>
    <shrsOrPrnAmt>
      <sshPrnamt>234550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>234550</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASTRO-MED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04638F108</cusip>
    <value>449</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASTRONICS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>046433207</cusip>
    <value>521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10258</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10258</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ASTRONICS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>046433108</cusip>
    <value>788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15450</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AT&amp;T INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00206R102</cusip>
    <value>24171</value>
    <shrsOrPrnAmt>
      <sshPrnamt>687444</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>687444</Sole>
      <Shared>0</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATLANTIC AMER CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>048209100</cusip>
    <value>57</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14056</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14056</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATLANTICUS HOLDI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04914Y102</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66861</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66861</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATLAS AIR WORLDW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>049164205</cusip>
    <value>1296</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATRICURE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04963C209</cusip>
    <value>2509</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ATWOOD OCEANICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>050095108</cusip>
    <value>235</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4400</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AUTOBYTEL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05275N205</cusip>
    <value>390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25750</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AUTOMATIC DATA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053015103</cusip>
    <value>3668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44300</Sole>
      <Shared>1100</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AUTOZONE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053332102</cusip>
    <value>287</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AV HOMES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00234P102</cusip>
    <value>1199</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54600</Sole>
      <Shared>11400</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVEO PHARMACEUTI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053588109</cusip>
    <value>1061</value>
    <shrsOrPrnAmt>
      <sshPrnamt>580000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>580000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVG TECHNOLOGIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N07831105</cusip>
    <value>337</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVIAT NETWORKS I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05366Y102</cusip>
    <value>2009</value>
    <shrsOrPrnAmt>
      <sshPrnamt>888900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>842100</Sole>
      <Shared>46800</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVID TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05367P100</cusip>
    <value>538</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVIS BUDGET GROUP COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053774105</cusip>
    <value>493</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AWARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05453N100</cusip>
    <value>89</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>14500</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AXCELIS TECHNOLOGIES INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>054540109</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>237000</Sole>
      <Shared>0</Shared>
      <None>4</None>
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    <nameOfIssuer>AXIS CAPITAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0692U109</cusip>
    <value>3240</value>
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      <sshPrnamt>68100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66600</Sole>
      <Shared>1500</Shared>
      <None>11</None>
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    <nameOfIssuer>BALDWIN &amp; LYON B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>057755209</cusip>
    <value>904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33100</Sole>
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      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BALL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>058498106</cusip>
    <value>2671</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51700</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>BALLANTYNE STRON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>058516105</cusip>
    <value>407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73800</Sole>
      <Shared>14000</Shared>
      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>BALTIC TRADING L</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y0553W103</cusip>
    <value>281</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BANC OF CALIFORNIA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05990K106</cusip>
    <value>898</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57000</Sole>
      <Shared>10000</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BANCORP.SOUTH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>059692103</cusip>
    <value>4119</value>
    <shrsOrPrnAmt>
      <sshPrnamt>162050</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>162050</Sole>
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      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>BANK KENTUCKY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>062896105</cusip>
    <value>779</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21100</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BANK MUTUAL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>063750103</cusip>
    <value>2848</value>
    <shrsOrPrnAmt>
      <sshPrnamt>406250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>379650</Sole>
      <Shared>26600</Shared>
      <None>7</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BANK OF AMERICA CORPORATION CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>17862</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1147228</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1147228</Sole>
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      <None>5</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF COMMERCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06424J103</cusip>
    <value>775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135722</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>135722</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>BANKFINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06643P104</cusip>
    <value>1565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170797</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>158229</Sole>
      <Shared>12568</Shared>
      <None>7</None>
    </votingAuthority>
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    <nameOfIssuer>BANNER CORPORATI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06652V208</cusip>
    <value>1636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36507</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36507</Sole>
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      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BAR HARBOR BNKSH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>066849100</cusip>
    <value>1060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26500</Sole>
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      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>BARNES &amp; NOBLE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>067774109</cusip>
    <value>1752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117200</Sole>
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      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BARRETT BUS SVCS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>068463108</cusip>
    <value>4581</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49400</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>BARRY (R.G.)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>068798107</cusip>
    <value>720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27600</Sole>
      <Shared>9700</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BASIC ENERYG SVS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06985P100</cusip>
    <value>3599</value>
    <shrsOrPrnAmt>
      <sshPrnamt>228100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>228100</Sole>
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      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BASSETT FURN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>070203104</cusip>
    <value>2188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>143200</Sole>
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      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BAXANO SURGICAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>071773105</cusip>
    <value>247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>244800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>204500</Sole>
      <Shared>40300</Shared>
      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BCB BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>055298103</cusip>
    <value>610</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45350</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BEASLEY BROAD -A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>074014101</cusip>
    <value>143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BEL FUSE INC-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>077347300</cusip>
    <value>924</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43357</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43357</Sole>
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      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BENCHMARK ELECTR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>08160H101</cusip>
    <value>3823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>165650</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BERKSHIRE BNCRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084597202</cusip>
    <value>455</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62632</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56132</Sole>
      <Shared>6500</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BERKSHIRE HATH-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084670702</cusip>
    <value>18861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159085</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>159085</Sole>
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      <None>10</None>
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    <nameOfIssuer>BERKSHIRE HILLS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084680107</cusip>
    <value>3193</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117100</Sole>
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      <None>5</None>
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  <infoTable>
    <nameOfIssuer>BEST BUY CO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>086516101</cusip>
    <value>12279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>307900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>305800</Sole>
      <Shared>2100</Shared>
      <None>17</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BIG 5 SPORTING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>08915P101</cusip>
    <value>586</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29550</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29550</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BILL BARRETT COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06846N104</cusip>
    <value>2702</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100900</Sole>
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      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>BIOCRYST PHARM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09058V103</cusip>
    <value>241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31664</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31664</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BIOFUEL ENERGY C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09064Y307</cusip>
    <value>318</value>
    <shrsOrPrnAmt>
      <sshPrnamt>185700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>185700</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BIOGEN IDEC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09062X103</cusip>
    <value>252</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>900</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BIO-REFER LABS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09057G602</cusip>
    <value>396</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15500</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BIOSPECIFICS TEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>090931106</cusip>
    <value>622</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28714</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23514</Sole>
      <Shared>5200</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BIOTA PHARMACEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>090694100</cusip>
    <value>335</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79899</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>79899</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BIOTELEMTRY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>090672106</cusip>
    <value>3654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>460179</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>423279</Sole>
      <Shared>36900</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BIOTIME INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09066L105</cusip>
    <value>446</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123800</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BLACK BOX CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>091826107</cusip>
    <value>1340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44950</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44950</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BLACK HILLS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>092113109</cusip>
    <value>1943</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37000</Sole>
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      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BLACKROCK KELSO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>327</value>
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      <Sole>35000</Sole>
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      <None>1</None>
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    <nameOfIssuer>BLUELINX HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09624H109</cusip>
    <value>695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>356221</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>356221</Sole>
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      <None>1</None>
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    <nameOfIssuer>BLYTH INC COM NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09643P207</cusip>
    <value>156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14300</Sole>
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      <None>1</None>
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  <infoTable>
    <nameOfIssuer>BNC BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05566T101</cusip>
    <value>2128</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124150</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>124150</Sole>
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      <None>3</None>
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    <nameOfIssuer>BODY CENTRAL COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09689U102</cusip>
    <value>204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51839</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51839</Sole>
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      <None>1</None>
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    <nameOfIssuer>BOINGO WIRELESS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09739C102</cusip>
    <value>449</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BOLT TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>097698104</cusip>
    <value>1756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79763</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66963</Sole>
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      <None>4</None>
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    <nameOfIssuer>BON-TON STORES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09776J101</cusip>
    <value>2931</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>180450</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BOOKS-A-MILLION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>098570104</cusip>
    <value>166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71950</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BOSTON SCIENTIFC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101137107</cusip>
    <value>3116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>259200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>259200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BOYD GAMING CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>103304101</cusip>
    <value>3361</value>
    <shrsOrPrnAmt>
      <sshPrnamt>298500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>298500</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BPZ RESOURCES IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>055639108</cusip>
    <value>637</value>
    <shrsOrPrnAmt>
      <sshPrnamt>350000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>350000</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRAVO BRIO RESTA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>10567B109</cusip>
    <value>1061</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65200</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRIDGE BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>108035106</cusip>
    <value>784</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRIDGE CAPITAL H</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>108030107</cusip>
    <value>920</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37600</Sole>
      <Shared>7200</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRIGGS &amp; STRATTN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>109043109</cusip>
    <value>2366</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>108750</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRISTOW GROUP IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110394103</cusip>
    <value>2927</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39000</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BROADVISION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>111412706</cusip>
    <value>703</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72749</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>72749</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BROADWIND ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>11161T207</cusip>
    <value>1513</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>160300</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BROOKFIELD ASS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>112585104</cusip>
    <value>2539</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65400</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BROOKLINE BANCRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>11373M107</cusip>
    <value>287</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BROWN FORMAN CORP CL B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>115637209</cusip>
    <value>334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4425</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BROWN SHOE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>115736100</cusip>
    <value>6183</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219740</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>216440</Sole>
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      <None>15</None>
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  <infoTable>
    <nameOfIssuer>BSB BANCORP INC/</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05573H108</cusip>
    <value>555</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36800</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BSQUARE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>11776U300</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9500</Sole>
      <Shared>13900</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BUILD-A-BEAR WOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>120076104</cusip>
    <value>665</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71600</Sole>
      <Shared>16500</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>C &amp; F FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12466Q104</cusip>
    <value>966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21150</Sole>
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      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>C&amp;J ENERGY SERVI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12467B304</cusip>
    <value>3416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>147900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>147900</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CACHE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127150308</cusip>
    <value>317</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58437</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58437</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CACI INTL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127190304</cusip>
    <value>6529</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89175</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89175</Sole>
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      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CADIZ INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127537207</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>14400</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAFEPRESS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12769A103</cusip>
    <value>315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49800</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAI INTERNATIONA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12477X106</cusip>
    <value>672</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28500</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAL DIVE INTERNA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12802T101</cusip>
    <value>1480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>736400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>669600</Sole>
      <Shared>66800</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAL FRST NATL BA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>130222102</cusip>
    <value>412</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27269</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21269</Sole>
      <Shared>6000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CALAMOS ASSET-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12811R104</cusip>
    <value>1606</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>135600</Sole>
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      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CALAMP CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>128126109</cusip>
    <value>1780</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63650</Sole>
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      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CALLIDUS SOFTWAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13123E500</cusip>
    <value>1855</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135140</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115640</Sole>
      <Shared>19500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CALLON PETROLEUM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13123X102</cusip>
    <value>2369</value>
    <shrsOrPrnAmt>
      <sshPrnamt>362800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>349700</Sole>
      <Shared>13100</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAMBIUM LEARNING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13201A107</cusip>
    <value>62</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37250</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAMCO FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>132618109</cusip>
    <value>567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84809</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84809</Sole>
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      <None>2</None>
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    <nameOfIssuer>CAMDEN NATIONAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>133034108</cusip>
    <value>1144</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27353</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27353</Sole>
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      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAP CITY BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>139674105</cusip>
    <value>1530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>129990</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120390</Sole>
      <Shared>9600</Shared>
      <None>6</None>
    </votingAuthority>
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    <nameOfIssuer>CAP SOUTHWEST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>140501107</cusip>
    <value>1376</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39450</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39450</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPE BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>139209100</cusip>
    <value>1007</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99102</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>99102</Sole>
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      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITAL ONE FINA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14040H105</cusip>
    <value>7102</value>
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      <sshPrnamt>92700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92700</Sole>
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      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITOL FEDERAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14057J101</cusip>
    <value>2369</value>
    <shrsOrPrnAmt>
      <sshPrnamt>195600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>195600</Sole>
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      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>CARBONITE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>141337105</cusip>
    <value>506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42800</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARDICA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14141R101</cusip>
    <value>33</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>33400</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAREER EDUCATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>141665109</cusip>
    <value>528</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92550</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARMIKE CINEMAS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>143436400</cusip>
    <value>782</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28100</Sole>
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      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>CAROLINA BANK HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>143785103</cusip>
    <value>506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARRIAGE SERVICE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>143905107</cusip>
    <value>658</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33700</Sole>
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      <None>1</None>
    </votingAuthority>
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    <nameOfIssuer>CARRIZO OIL&amp;GAS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>144577103</cusip>
    <value>1370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30600</Sole>
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      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>CARROLS RESTAURANT GROUP INC C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14574X104</cusip>
    <value>1193</value>
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      <sshPrnamt>180550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>165550</Sole>
      <Shared>15000</Shared>
      <None>6</None>
    </votingAuthority>
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    <nameOfIssuer>CASCADE MICROTEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>147322101</cusip>
    <value>980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89700</Sole>
      <Shared>15400</Shared>
      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>CASELLA WASTE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>147448104</cusip>
    <value>2309</value>
    <shrsOrPrnAmt>
      <sshPrnamt>398056</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>365156</Sole>
      <Shared>32900</Shared>
      <None>6</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CASH AMER INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14754D100</cusip>
    <value>3715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97000</Sole>
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      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CASTLE (AM)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>148411101</cusip>
    <value>1753</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>118700</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CATHAY GENERAL B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149150104</cusip>
    <value>2900</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>108500</Sole>
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      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CBEYOND INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149847105</cusip>
    <value>816</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>118500</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CBIZ INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>124805102</cusip>
    <value>2162</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>237050</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CCA INDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>124867102</cusip>
    <value>52</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17521</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14100</Sole>
      <Shared>3421</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CDI CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125071100</cusip>
    <value>1755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>94700</Sole>
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      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CEC ENTERTAINMNT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125137109</cusip>
    <value>538</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12150</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CECO ENVIRONMNTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125141101</cusip>
    <value>1266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65700</Sole>
      <Shared>12700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CELADON GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>150838100</cusip>
    <value>522</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CELLCOM ISRAEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>M2196U109</cusip>
    <value>2517</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175400</Sole>
      <Shared>5400</Shared>
      <None>11</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CEMPRA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15130J109</cusip>
    <value>1332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92500</Sole>
      <Shared>15000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTENE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15135B101</cusip>
    <value>3319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55000</Sole>
      <Shared>1300</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTER BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151408101</cusip>
    <value>1267</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67517</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67517</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTERSTATE BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15201P109</cusip>
    <value>780</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76866</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTRAL GARDEN-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>153527205</cusip>
    <value>1181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>174950</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTRAL PACIFIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>154760409</cusip>
    <value>1494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTRAL VALLEY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>155685100</cusip>
    <value>463</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41150</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTURY ALUMINUM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156431108</cusip>
    <value>1769</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTURY BANC -A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156432106</cusip>
    <value>1755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52772</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52772</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTURYLINK INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156700106</cusip>
    <value>2236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENVEO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15670S105</cusip>
    <value>2394</value>
    <shrsOrPrnAmt>
      <sshPrnamt>695900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>695900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CF INDUSTRIES HO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125269100</cusip>
    <value>9118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39128</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38728</Sole>
      <Shared>400</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHARLES&amp;COLVARD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>159765106</cusip>
    <value>611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHASE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16150R104</cusip>
    <value>1851</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45350</Sole>
      <Shared>7100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEMICAL FIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>163731102</cusip>
    <value>3857</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEMUNG FINL CRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>164024101</cusip>
    <value>1508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44146</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44146</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEROKEE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16444H102</cusip>
    <value>391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21900</Sole>
      <Shared>6400</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRON CORP NEW COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>22097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176902</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176902</Sole>
      <Shared>0</Shared>
      <None>11</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHICOPEE BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>168565109</cusip>
    <value>461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINA AUTOMOTIVE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16936R105</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINA CERAMICS C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G2113X100</cusip>
    <value>72</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINA GREEN AGRI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16943W105</cusip>
    <value>434</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINA HOUSING &amp; LAND DEVELOPME</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16939V103</cusip>
    <value>186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINA XD PLASTIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16948F107</cusip>
    <value>909</value>
    <shrsOrPrnAmt>
      <sshPrnamt>172900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>172900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINDEX INTL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>169467107</cusip>
    <value>1410</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73800</Sole>
      <Shared>7100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHIPOTLE MEXICAN GRILL INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>169656105</cusip>
    <value>2984</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHIQUITA BRANDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>170032809</cusip>
    <value>5500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>470100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>470100</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHRISTOPHER &amp; B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171046105</cusip>
    <value>3162</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>350200</Sole>
      <Shared>20100</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHUBB CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171232101</cusip>
    <value>2851</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIBER INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17163B102</cusip>
    <value>1552</value>
    <shrsOrPrnAmt>
      <sshPrnamt>374851</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>374851</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIFC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12547R105</cusip>
    <value>588</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIGNA CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125509109</cusip>
    <value>7007</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80100</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIMAREX ENERGY C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171798101</cusip>
    <value>3063</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CINC.INNATI BELL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171871106</cusip>
    <value>4031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1132300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1121500</Sole>
      <Shared>10800</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CINEDIGM CORP COM.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172406100</cusip>
    <value>467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>231300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>231300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CINTAS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172908105</cusip>
    <value>6877</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115400</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIRCOR INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17273K109</cusip>
    <value>5004</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61250</Sole>
      <Shared>700</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CISCO SYSTEMS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>22897</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1020828</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1020828</Sole>
      <Shared>0</Shared>
      <None>11</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CITI TRENDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17306X102</cusip>
    <value>2457</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137250</Sole>
      <Shared>7300</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CITIGROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172967424</cusip>
    <value>4034</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77410</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77410</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CITIZENS HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>174715102</cusip>
    <value>468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20670</Sole>
      <Shared>4500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLAYTON WILLIAMS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>969490101</cusip>
    <value>1770</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLEANTECH SOLUTI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18451N204</cusip>
    <value>390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLEARFIELD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18482P103</cusip>
    <value>2662</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLEARONE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18506U104</cusip>
    <value>355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLEARWATER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18538R103</cusip>
    <value>1286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLOUD PEAK ENERG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18911Q102</cusip>
    <value>4241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>235600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>235600</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CNA FINL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126117100</cusip>
    <value>2775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CNB FINL CORP./PA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126128107</cusip>
    <value>980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43100</Sole>
      <Shared>8500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CNINSURE INC.-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>18976M103</cusip>
    <value>437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>72400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CNO FINANCIAL GR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12621E103</cusip>
    <value>2970</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>167900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COBRA ELECTRONIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191042100</cusip>
    <value>91</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COCA COLA CO COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>19590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>474224</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>474224</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
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  <infoTable>
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    <value>704</value>
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      <sshPrnamt>67043</sshPrnamt>
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      <sshPrnamt>53900</sshPrnamt>
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      <Sole>53900</Sole>
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      <Sole>45800</Sole>
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      <sshPrnamt>35310</sshPrnamt>
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      <sshPrnamt>16668</sshPrnamt>
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      <Sole>16668</Sole>
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    <cusip>197236102</cusip>
    <value>2277</value>
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      <sshPrnamt>82818</sshPrnamt>
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      <Sole>82818</Sole>
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    <nameOfIssuer>COMCAST CORP.-A</nameOfIssuer>
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    <cusip>20030N101</cusip>
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      <sshPrnamt>482450</sshPrnamt>
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      <Sole>482450</Sole>
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    <nameOfIssuer>COMM SYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>322</value>
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      <sshPrnamt>28900</sshPrnamt>
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      <Sole>28900</Sole>
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    <nameOfIssuer>COMMERCIAL VEHIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>202608105</cusip>
    <value>494</value>
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      <sshPrnamt>67900</sshPrnamt>
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    <votingAuthority>
      <Sole>61200</Sole>
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      <sshPrnamt>81200</sshPrnamt>
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      <Sole>81200</Sole>
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    <nameOfIssuer>COMPUTER SCIENCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>205363104</cusip>
    <value>6097</value>
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      <sshPrnamt>109100</sshPrnamt>
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    <votingAuthority>
      <Sole>107400</Sole>
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    <nameOfIssuer>COMSTOCK RES INC COM NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2087</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114100</sshPrnamt>
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      <Sole>114100</Sole>
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    <nameOfIssuer>COMTECH TELECOMM</nameOfIssuer>
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    <value>599</value>
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      <sshPrnamt>19000</sshPrnamt>
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    <votingAuthority>
      <Sole>19000</Sole>
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      <None>2</None>
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    <nameOfIssuer>CONCURRENT COMP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>206710402</cusip>
    <value>1860</value>
    <shrsOrPrnAmt>
      <sshPrnamt>227700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>227700</Sole>
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    <nameOfIssuer>CONNECTONE BANCO</nameOfIssuer>
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    <value>476</value>
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      <sshPrnamt>12000</sshPrnamt>
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    <votingAuthority>
      <Sole>12000</Sole>
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      <None>1</None>
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  <infoTable>
    <nameOfIssuer>CONNS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>329</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4175</sshPrnamt>
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    <votingAuthority>
      <Sole>2175</Sole>
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    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>27445</value>
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      <sshPrnamt>388462</sshPrnamt>
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      <Sole>387962</Sole>
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    <nameOfIssuer>CONS GRAPHICS</nameOfIssuer>
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      <sshPrnamt>101350</sshPrnamt>
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      <Sole>101350</Sole>
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    <nameOfIssuer>CONS TOMOKA LAND</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>898</value>
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      <sshPrnamt>24749</sshPrnamt>
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    <votingAuthority>
      <Sole>21649</Sole>
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    <nameOfIssuer>CONSUMER PORTFOL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>210502100</cusip>
    <value>2029</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216050</sshPrnamt>
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      <Sole>216050</Sole>
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  <infoTable>
    <nameOfIssuer>COOPER COS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>216648402</cusip>
    <value>5585</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45100</sshPrnamt>
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    <votingAuthority>
      <Sole>44400</Sole>
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    <nameOfIssuer>CORE MOLDING TEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>218683100</cusip>
    <value>1102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80425</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54725</Sole>
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      <None>6</None>
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    <nameOfIssuer>CORINTHIAN COLLEGES INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>218868107</cusip>
    <value>1286</value>
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      <sshPrnamt>722700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>722700</Sole>
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    <nameOfIssuer>CORONADO BIOSCIE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>21976U109</cusip>
    <value>874</value>
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      <sshPrnamt>332500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>332500</Sole>
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      <None>1</None>
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    <nameOfIssuer>COSTA INC CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22149T102</cusip>
    <value>1665</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76600</sshPrnamt>
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      <Sole>63600</Sole>
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      <None>3</None>
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    <nameOfIssuer>COSTCO WHOLESALE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22160K105</cusip>
    <value>2999</value>
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      <sshPrnamt>25200</sshPrnamt>
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      <Sole>25200</Sole>
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    <nameOfIssuer>COURIER CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>222660102</cusip>
    <value>2212</value>
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      <sshPrnamt>122250</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>114550</Sole>
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      <None>7</None>
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    <nameOfIssuer>COVENANT TRANS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22284P105</cusip>
    <value>1959</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238650</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>224450</Sole>
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      <None>6</None>
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    <nameOfIssuer>COWEN GROUP-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>223622101</cusip>
    <value>1029</value>
    <shrsOrPrnAmt>
      <sshPrnamt>263200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>263200</Sole>
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    <nameOfIssuer>CPI AEROSTRUCTUR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125919308</cusip>
    <value>473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31479</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31479</Sole>
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      <None>1</None>
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    <nameOfIssuer>CRA INTERNATIONA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12618T105</cusip>
    <value>1241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55000</Sole>
      <Shared>7700</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRACKER BARREL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22410J106</cusip>
    <value>2779</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25245</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25245</Sole>
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      <None>3</None>
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  </infoTable>
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    <nameOfIssuer>CRAFT BREW ALLIA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>224122101</cusip>
    <value>1828</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92500</Sole>
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      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRAWFORD &amp; CO-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>224633107</cusip>
    <value>2049</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221724</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>221724</Sole>
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      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRAY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>225223304</cusip>
    <value>643</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23400</Sole>
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      <None>1</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>CREDIT ACCEPTANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>225310101</cusip>
    <value>364</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>2800</Sole>
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      <None>1</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>CROSS COUNTRY HE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>227483104</cusip>
    <value>2419</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>222350</Sole>
      <Shared>20000</Shared>
      <None>6</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CROSSTEX ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22765Y104</cusip>
    <value>7921</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>219050</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRYOLIFE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>228903100</cusip>
    <value>2057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>185470</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>168470</Sole>
      <Shared>17000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CSP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126389105</cusip>
    <value>449</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55500</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CSS INDUSTRIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125906107</cusip>
    <value>1791</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62458</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62458</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CTPARTNERS EXECU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22945C105</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CTS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126501105</cusip>
    <value>1005</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CULP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>230215105</cusip>
    <value>1317</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64416</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52116</Sole>
      <Shared>12300</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CUMBERLAND PHARM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>230770109</cusip>
    <value>429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71200</Sole>
      <Shared>12800</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CUMULUS MEDIA-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>231082108</cusip>
    <value>4231</value>
    <shrsOrPrnAmt>
      <sshPrnamt>547355</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>547355</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CURIS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>231269101</cusip>
    <value>372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131852</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131852</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CUTERA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>232109108</cusip>
    <value>475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CVS CAREMARK COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126650100</cusip>
    <value>21155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>295590</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>295590</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CYBEROPTICS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>232517102</cusip>
    <value>245</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19500</Sole>
      <Shared>18900</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CYTOKINETICS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23282W605</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53633</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53633</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CYTORI THERAPEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23283K105</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>208000</Sole>
      <Shared>17000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DANAHER CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235851102</cusip>
    <value>7373</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95500</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DATALINK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>237934104</cusip>
    <value>773</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59800</Sole>
      <Shared>11100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DAVITA HEALTHCARE PARTNERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23918K108</cusip>
    <value>3143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48200</Sole>
      <Shared>1400</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DAWSON GEOPHYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>239359102</cusip>
    <value>2756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76400</Sole>
      <Shared>5100</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DCT INDUSTRIAL T</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>233153105</cusip>
    <value>2163</value>
    <shrsOrPrnAmt>
      <sshPrnamt>303400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>303400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>244199105</cusip>
    <value>247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELEK US HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>246647101</cusip>
    <value>2391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELIA*S INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>246911101</cusip>
    <value>227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>258300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>218900</Sole>
      <Shared>39400</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELPHI AUTOMOTIV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G27823106</cusip>
    <value>8412</value>
    <shrsOrPrnAmt>
      <sshPrnamt>139900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137700</Sole>
      <Shared>2200</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELTA AIR LINES INC DEL COM NE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>247361702</cusip>
    <value>12782</value>
    <shrsOrPrnAmt>
      <sshPrnamt>465300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>460700</Sole>
      <Shared>4600</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELTA APPAREL INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>247368103</cusip>
    <value>784</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46200</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DELTA NATURAL GA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>247748106</cusip>
    <value>362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16188</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12388</Sole>
      <Shared>3800</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DENBURY RESOURCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>247916208</cusip>
    <value>3923</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>238800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DESTINATION XL GRP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25065K104</cusip>
    <value>381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEX MEDIA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25213A107</cusip>
    <value>1609</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237651</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>237651</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DFC GLOBAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23324T107</cusip>
    <value>396</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DGSE COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23323G106</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DHT HOLDINGS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y2065G121</cusip>
    <value>518</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75722</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75722</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIAMOND HILL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25264R207</cusip>
    <value>893</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5850</Sole>
      <Shared>1700</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIGI INTL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>253798102</cusip>
    <value>1010</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>13300</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIGIMARC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25381B101</cusip>
    <value>514</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23600</Sole>
      <Shared>3100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIGIRAD CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>253827109</cusip>
    <value>760</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>205500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIGITAL GENERATION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25400B108</cusip>
    <value>831</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65210</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65210</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIGITAL RIVER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25388B104</cusip>
    <value>1271</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIME COMM BNCSHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>253922108</cusip>
    <value>2815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>166400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>166400</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DIODES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254543101</cusip>
    <value>806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34220</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34220</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DISCOVER FINANCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254709108</cusip>
    <value>10742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>190600</Sole>
      <Shared>1400</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIXIE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>255519100</cusip>
    <value>1212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91850</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOLAN CO/THE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25659P402</cusip>
    <value>126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>182700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>182700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DONEGAL GRP-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>257701201</cusip>
    <value>1336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DORAL FINL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25811P852</cusip>
    <value>367</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23460</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23460</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOT HILL SYSTEMS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25848T109</cusip>
    <value>1774</value>
    <shrsOrPrnAmt>
      <sshPrnamt>526550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>439250</Sole>
      <Shared>87300</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOUBLE EAGLE PET</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>258570209</cusip>
    <value>331</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>132950</Sole>
      <Shared>11000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOVER DOWNS GAMI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>260095104</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>195914</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>152580</Sole>
      <Shared>43334</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DSP GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23332B106</cusip>
    <value>806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>83000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DUCOMMUN INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>264147109</cusip>
    <value>3000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>94250</Sole>
      <Shared>6400</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DURATA THERAPEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26658A107</cusip>
    <value>974</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76150</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DURECT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>266605104</cusip>
    <value>318</value>
    <shrsOrPrnAmt>
      <sshPrnamt>183600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>183600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DXP ENTERPRISES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>233377407</cusip>
    <value>564</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DYNAMIC MATERIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>267888105</cusip>
    <value>796</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28500</Sole>
      <Shared>8100</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DYNAMICS RSCH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>268057106</cusip>
    <value>1843</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160508</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>140508</Sole>
      <Shared>20000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EAGLE BULK SHIPP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y2187A119</cusip>
    <value>416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90687</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EARTHLINK INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>270321102</cusip>
    <value>3893</value>
    <shrsOrPrnAmt>
      <sshPrnamt>768100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>768100</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EASTERN CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>276317104</cusip>
    <value>535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EASTERN INSURANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>276534104</cusip>
    <value>1484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60600</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EASTERN VIRGINIA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>277196101</cusip>
    <value>193</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27587</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27587</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EBIX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>278715206</cusip>
    <value>588</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ECHELON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>27874N105</cusip>
    <value>492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>229062</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>229062</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EDGEWATER TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>280358102</cusip>
    <value>624</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89200</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EDISON INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>281020107</cusip>
    <value>4204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EDUCATION REALTY</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>28140H104</cusip>
    <value>1395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>158200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>158200</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EGAIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28225C806</cusip>
    <value>135</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EINSTEIN NOAH RE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28257U104</cusip>
    <value>269</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18581</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18581</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELEC FOR IMAGING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>286082102</cusip>
    <value>501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12925</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12925</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELECTRONIC ARTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>285512109</cusip>
    <value>8541</value>
    <shrsOrPrnAmt>
      <sshPrnamt>372300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>369600</Sole>
      <Shared>2700</Shared>
      <None>18</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>9839</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>192930</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMAGIN CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29076N206</cusip>
    <value>170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMC INS GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>268664109</cusip>
    <value>844</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27550</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMCORE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>290846203</cusip>
    <value>118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23052</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23052</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMERALD OIL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29101U209</cusip>
    <value>1030</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113000</Sole>
      <Shared>21500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMERGENT BIOSOLU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29089Q105</cusip>
    <value>1150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMERSON RADIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>291087203</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>124800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMMIS COMMUNIC-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>291525103</cusip>
    <value>538</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>159500</Sole>
      <Shared>40500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMPLOYERS HOLDIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>292218104</cusip>
    <value>2437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENDEAVOUR INTERN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29259G200</cusip>
    <value>1382</value>
    <shrsOrPrnAmt>
      <sshPrnamt>263200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>263200</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGIZER HOLDGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29266R108</cusip>
    <value>2295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGY RECOVERY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29270J100</cusip>
    <value>370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGY XXI BERMU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G10082140</cusip>
    <value>2687</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>99300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENGLOBAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293306106</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENNIS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293389102</cusip>
    <value>2104</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118892</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>118892</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENPHASE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29355A107</cusip>
    <value>380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTERCOM COMM-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293639100</cusip>
    <value>1743</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165795</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>165795</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTERGY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29364G103</cusip>
    <value>5764</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89800</Sole>
      <Shared>1300</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTERPRISE BANCO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293668109</cusip>
    <value>353</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16683</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9862</Sole>
      <Shared>6821</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTERPRISE FINAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293712105</cusip>
    <value>3043</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>139000</Sole>
      <Shared>10000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENTRAVISION CO-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29382R107</cusip>
    <value>671</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>110100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENZO BIOCHEM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294100102</cusip>
    <value>701</value>
    <shrsOrPrnAmt>
      <sshPrnamt>240200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>206700</Sole>
      <Shared>33500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EPL OIL &amp; GAS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26883D108</cusip>
    <value>4543</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>159400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EPLUS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294268107</cusip>
    <value>892</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EQUAL ENERGY LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29390Q109</cusip>
    <value>1017</value>
    <shrsOrPrnAmt>
      <sshPrnamt>190450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>190450</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ERICKSON AIR-CRA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29482P100</cusip>
    <value>1709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>82200</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ESB FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26884F102</cusip>
    <value>1527</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107527</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107527</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ESCALADE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>296056104</cusip>
    <value>198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ESSA BANCORP. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29667D104</cusip>
    <value>1620</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131100</Sole>
      <Shared>9000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ESSEX RENTAL COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>297187106</cusip>
    <value>386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EURONET WORLDWID</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>298736109</cusip>
    <value>526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EVANS BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29911Q208</cusip>
    <value>300</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14227</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14227</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EVERBANK FINANCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29977G102</cusip>
    <value>3105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EVEREST RE GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3223R108</cusip>
    <value>3102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EVOLUTION PETROL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30049A107</cusip>
    <value>727</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48320</Sole>
      <Shared>10600</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EVOLVING SYSTEMS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30049R209</cusip>
    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23450</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EVRYWARE GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>300439106</cusip>
    <value>420</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50750</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EW SCRIPPS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811054402</cusip>
    <value>1344</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61890</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>300614500</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXELON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>6631</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>242100</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXTERRAN HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30225X103</cusip>
    <value>3663</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>103600</Sole>
      <Shared>3500</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>25465</value>
    <shrsOrPrnAmt>
      <sshPrnamt>251627</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>251627</Sole>
      <Shared>0</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FAB UNIVERSAL CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302771100</cusip>
    <value>319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>287300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>287300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FAIRCHILD SEMICO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>303726103</cusip>
    <value>700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FAIRPOINT COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>305560302</cusip>
    <value>2315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>204700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>204700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FALCONSTOR SOFTW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>306137100</cusip>
    <value>135</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FAMOUS DAVES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>307068106</cusip>
    <value>3012</value>
    <shrsOrPrnAmt>
      <sshPrnamt>164600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>154100</Sole>
      <Shared>10500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FARMER BROS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>307675108</cusip>
    <value>1016</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FARMERS CAP BK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>309562106</cusip>
    <value>2779</value>
    <shrsOrPrnAmt>
      <sshPrnamt>127749</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119849</Sole>
      <Shared>7900</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FBL FINL GROUP-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30239F106</cusip>
    <value>3811</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85091</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85091</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FBR &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30247C400</cusip>
    <value>3666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138962</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>129212</Sole>
      <Shared>9750</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FED AGRI MTG-C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>313148306</cusip>
    <value>2151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FED SIGNAL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>313855108</cusip>
    <value>370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25250</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FEDERATED NATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31422T101</cusip>
    <value>1295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88300</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FEMALE HEALTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>314462102</cusip>
    <value>792</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FERRO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>315405100</cusip>
    <value>3340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>260350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>254250</Sole>
      <Shared>6100</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIDELITY NATL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31620R105</cusip>
    <value>3427</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>105600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIDELITY SOUTHER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>316394105</cusip>
    <value>968</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58266</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58266</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIDUS INVESTMENT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>316500107</cusip>
    <value>783</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIELDPOINT PET</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>316570100</cusip>
    <value>214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>31900</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIELDPOINT PET CORP WTS</nameOfIssuer>
    <titleOfClass>WARR</titleOfClass>
    <cusip>316570126</cusip>
    <value>18</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>31900</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIESTA RESTAURAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31660B101</cusip>
    <value>1371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26250</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIFTH STREET FIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31678A103</cusip>
    <value>2299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>248500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIFTH THIRD BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>316773100</cusip>
    <value>3140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>149300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FINANCIAL INST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>317585404</cusip>
    <value>2375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96100</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST ACCEPTANCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>318457108</cusip>
    <value>254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST AMERICAN F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31847R102</cusip>
    <value>2620</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST BANCORP P R</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>318672706</cusip>
    <value>3606</value>
    <shrsOrPrnAmt>
      <sshPrnamt>582500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>582500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST BANCORP./ME</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31866P102</cusip>
    <value>956</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54860</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47695</Sole>
      <Shared>7165</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST BANCORP./NC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>318910106</cusip>
    <value>2664</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160271</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>151271</Sole>
      <Shared>9000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST BANCSHARES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>318916103</cusip>
    <value>179</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12794</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12794</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST BUSEY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>319383105</cusip>
    <value>970</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167210</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>167210</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST BUSINESS F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>319390100</cusip>
    <value>1709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45404</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45404</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST COMMON FIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>319829107</cusip>
    <value>2465</value>
    <shrsOrPrnAmt>
      <sshPrnamt>279500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>279500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST COMMUNI BC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31983A103</cusip>
    <value>2231</value>
    <shrsOrPrnAmt>
      <sshPrnamt>133600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>133600</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST CONNECTICU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>319850103</cusip>
    <value>924</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST DEFIANCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32006W106</cusip>
    <value>2383</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85950</Sole>
      <Shared>5800</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST FIN BANCRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320209109</cusip>
    <value>2352</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134937</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134937</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST FIN COR/IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320218100</cusip>
    <value>1858</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50830</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50830</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32022K102</cusip>
    <value>1308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126132</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>126132</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST FINL HLDGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32023E105</cusip>
    <value>2116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31817</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31817</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST INTER/MT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32055Y201</cusip>
    <value>8152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>287350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>287350</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST MERCHANTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320817109</cusip>
    <value>3415</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150311</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150311</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST MIDWEST/IL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320867104</cusip>
    <value>4293</value>
    <shrsOrPrnAmt>
      <sshPrnamt>244900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>244900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST OF LONG IS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320734106</cusip>
    <value>864</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20150</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST SOLAR INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>336433107</cusip>
    <value>3808</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST SOUTH /NC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33646W100</cusip>
    <value>260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33322</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33322</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRSTBANK CP/MI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33761G104</cusip>
    <value>509</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FISERV INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337738108</cusip>
    <value>3543</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIVE STAR QUA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33832D106</cusip>
    <value>3386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>616800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>592800</Sole>
      <Shared>24000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLAGSTAR BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337930705</cusip>
    <value>6824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>347800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>345500</Sole>
      <Shared>2300</Shared>
      <None>18</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FLEXSTEEL INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>339382103</cusip>
    <value>831</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27050</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLUSHING FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>343873105</cusip>
    <value>1813</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87597</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87597</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FORBES ENERGY SE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>345143101</cusip>
    <value>817</value>
    <shrsOrPrnAmt>
      <sshPrnamt>249700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>232500</Sole>
      <Shared>17200</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FORD MTR CO DEL COM PAR $0.01</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>345370860</cusip>
    <value>11247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>728910</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>724610</Sole>
      <Shared>4300</Shared>
      <None>23</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FORTEGRA FINANCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>34954W104</cusip>
    <value>1240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149985</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>136285</Sole>
      <Shared>13700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FOSSIL GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>34988V106</cusip>
    <value>2699</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FOX CHASE BANCOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35137T108</cusip>
    <value>714</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41333</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36333</Sole>
      <Shared>5000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRANKLIN COVEY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>353469109</cusip>
    <value>736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRANKLIN FINANCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35353C102</cusip>
    <value>1097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55473</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55473</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FREDS INC.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>356108100</cusip>
    <value>1154</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62450</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FREEPORT-MCMORAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35671D857</cusip>
    <value>4525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FREIGHTCAR AMERI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>357023100</cusip>
    <value>1567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58875</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FREQUENCY ELECT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>358010106</cusip>
    <value>187</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRESH DEL MONTE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G36738105</cusip>
    <value>7239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>255800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>255800</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRIEDMAN INDTRY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>358435105</cusip>
    <value>735</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76500</Sole>
      <Shared>10000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRISCHS RESTAUR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>358748101</cusip>
    <value>1069</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41700</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FTD COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30281V108</cusip>
    <value>1712</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52540</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FTI CONSULTING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302941109</cusip>
    <value>1316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FUEL TECH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>359523107</cusip>
    <value>461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FULL CIRCLE CAPI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>359671104</cusip>
    <value>563</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FULL HOUSE RESRT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>359678109</cusip>
    <value>198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FURIEX PHARMACEU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36106P101</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FURMANITE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>361086101</cusip>
    <value>1711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>161100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>161100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>G III APPAREL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36237H101</cusip>
    <value>3727</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49000</Sole>
      <Shared>1400</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>G. WILLI-FOOD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>M52523103</cusip>
    <value>299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAIAM INC.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36268Q103</cusip>
    <value>415</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45350</Sole>
      <Shared>17400</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAIN CAPITAL HOL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36268W100</cusip>
    <value>2318</value>
    <shrsOrPrnAmt>
      <sshPrnamt>308649</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>308649</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GALENA BIOPHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>363256108</cusip>
    <value>2669</value>
    <shrsOrPrnAmt>
      <sshPrnamt>538100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>538100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAMCO INVESTORS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>361438104</cusip>
    <value>513</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAMING PARTNERS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36467A107</cusip>
    <value>473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAP INC./THE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>364760108</cusip>
    <value>6968</value>
    <shrsOrPrnAmt>
      <sshPrnamt>178300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176600</Sole>
      <Shared>1700</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GARMIN LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>H2906T109</cusip>
    <value>2550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GARTNER INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>366651107</cusip>
    <value>3474</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GAS NATURAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>367204104</cusip>
    <value>737</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GASTAR EXPLORATI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>367299203</cusip>
    <value>667</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96450</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GEEKNET INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36846Q203</cusip>
    <value>724</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GEN COMM-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369385109</cusip>
    <value>1535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137650</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENCOR INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>368678108</cusip>
    <value>176</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>17973</value>
    <shrsOrPrnAmt>
      <sshPrnamt>641213</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>641213</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL FINANCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369822101</cusip>
    <value>364</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MILLS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>370334104</cusip>
    <value>2765</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55400</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MOTORS CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>4732</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115780</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>112880</Sole>
      <Shared>2900</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENESCO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>371532102</cusip>
    <value>365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENIE ENERGY-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>372284208</cusip>
    <value>695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68042</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68042</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENTIVA HEALTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37247A102</cusip>
    <value>869</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENWORTH FINANCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37247D106</cusip>
    <value>7685</value>
    <shrsOrPrnAmt>
      <sshPrnamt>494870</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>486870</Sole>
      <Shared>8000</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GEO GROUP INC./TH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36159R103</cusip>
    <value>2275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70600</Sole>
      <Shared>0</Shared>
      <None>11</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GERMAN AMER BNCP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>373865104</cusip>
    <value>1399</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49231</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49231</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GERON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>374163103</cusip>
    <value>620</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GFI GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>361652209</cusip>
    <value>824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>210680</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>210680</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GIBRALTAR INDUST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>374689107</cusip>
    <value>3096</value>
    <shrsOrPrnAmt>
      <sshPrnamt>166556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>166556</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GIGOPTIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37517Y103</cusip>
    <value>132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86010</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>86010</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GILEAD SCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>375558103</cusip>
    <value>17213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>229200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>229200</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLACIER BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37637Q105</cusip>
    <value>3964</value>
    <shrsOrPrnAmt>
      <sshPrnamt>133050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>133050</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLADSTONE CAP CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>376535100</cusip>
    <value>1188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>112100</Sole>
      <Shared>12000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLADSTONE INVEST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>376546107</cusip>
    <value>455</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL GEOPHYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37946S107</cusip>
    <value>773</value>
    <shrsOrPrnAmt>
      <sshPrnamt>480200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>450200</Sole>
      <Shared>30000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL POWER EQU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37941P306</cusip>
    <value>273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13972</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13972</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBALSCAPE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37940G109</cusip>
    <value>190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>81700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLU MOBILE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>379890106</cusip>
    <value>817</value>
    <shrsOrPrnAmt>
      <sshPrnamt>210500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>210500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLDFIELD CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>381370105</cusip>
    <value>166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLDMAN SACHS GP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>3971</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22400</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOODYEAR TIRE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>382550101</cusip>
    <value>10814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>453400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>447900</Sole>
      <Shared>5500</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOOGLE INC.-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38259P508</cusip>
    <value>24132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21533</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21533</Sole>
      <Shared>0</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAHAM CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384556106</cusip>
    <value>1544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36750</Sole>
      <Shared>5800</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAINGER W W INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384802104</cusip>
    <value>2733</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10700</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAMERCY PROPERT</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>38489R100</cusip>
    <value>1544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>268600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>268600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAN TIERRA ENER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38500T101</cusip>
    <value>469</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64160</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAND CANYON EDU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38526M106</cusip>
    <value>519</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAY TELEVISION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>389375106</cusip>
    <value>2403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>161500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>161500</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREAT NORTHN IRN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>391064102</cusip>
    <value>272</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREAT SOUTHN BAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>390905107</cusip>
    <value>1270</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41750</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREEN PLAINS REN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>393222104</cusip>
    <value>9656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>498250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>498250</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREENBRIER COS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>393657101</cusip>
    <value>3294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96700</Sole>
      <Shared>3600</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREENHILL &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>395259104</cusip>
    <value>371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GREENHUNTER RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>39530A104</cusip>
    <value>127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>109200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>109200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRIFFIN LAND&amp;NUR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>398231100</cusip>
    <value>444</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRIFFON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>398433102</cusip>
    <value>2895</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>219150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GSE HOLDING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36191X100</cusip>
    <value>447</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>216000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GSE SYSTEMS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36227K106</cusip>
    <value>198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123925</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123925</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GSI TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36241U106</cusip>
    <value>1213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>182717</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>162917</Sole>
      <Shared>19800</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GTX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40052B108</cusip>
    <value>41</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4400</Sole>
      <Shared>20200</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUARANTY BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40075T607</cusip>
    <value>1132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80580</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80580</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUARANTY FED BNC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40108P101</cusip>
    <value>229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20856</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20856</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUIDANCE SOFTWAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>401692108</cusip>
    <value>803</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79457</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>79457</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GULF RESOURCES I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40251W309</cusip>
    <value>1211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>515350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>515350</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GULFMARK OFFSHOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>402629208</cusip>
    <value>1970</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>H&amp;R BLOCK INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>093671105</cusip>
    <value>2094</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>72100</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HACKETT GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>404609109</cusip>
    <value>1418</value>
    <shrsOrPrnAmt>
      <sshPrnamt>228278</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>200378</Sole>
      <Shared>27900</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HALLADOR ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40609P105</cusip>
    <value>1141</value>
    <shrsOrPrnAmt>
      <sshPrnamt>141600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>141600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HALLMARK FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40624Q203</cusip>
    <value>1831</value>
    <shrsOrPrnAmt>
      <sshPrnamt>206068</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>193068</Sole>
      <Shared>13000</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HAMPDEN BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40867E107</cusip>
    <value>673</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33500</Sole>
      <Shared>7500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HAMPTON ROADS BA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>409321502</cusip>
    <value>884</value>
    <shrsOrPrnAmt>
      <sshPrnamt>505325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>420325</Sole>
      <Shared>85000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HANESBRANDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>410345102</cusip>
    <value>3429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HANMI FINL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>410495204</cusip>
    <value>2124</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97053</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97053</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HANSEN MEDICAL I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>411307101</cusip>
    <value>305</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176100</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARBINGER GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>41146A106</cusip>
    <value>5886</value>
    <shrsOrPrnAmt>
      <sshPrnamt>496700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>496700</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARDINGE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>412324303</cusip>
    <value>1268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76600</Sole>
      <Shared>11000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARMONIC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>413160102</cusip>
    <value>943</value>
    <shrsOrPrnAmt>
      <sshPrnamt>127800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>127800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARRIS &amp; HARRIS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>413833104</cusip>
    <value>243</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>81400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARRIS INTERACT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>414549105</cusip>
    <value>672</value>
    <shrsOrPrnAmt>
      <sshPrnamt>336100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>296100</Sole>
      <Shared>40000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARTE-HANKS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>416196103</cusip>
    <value>2251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>287800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>287800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARVARD APPARATU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>41690A106</cusip>
    <value>239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50279</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42779</Sole>
      <Shared>7500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARVARD BIOSCIEN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>416906105</cusip>
    <value>945</value>
    <shrsOrPrnAmt>
      <sshPrnamt>201117</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>171117</Sole>
      <Shared>30000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HAWAIIAN HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>419879101</cusip>
    <value>4957</value>
    <shrsOrPrnAmt>
      <sshPrnamt>514734</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>514734</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HAWAIIAN TELCOM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>420031106</cusip>
    <value>2384</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81186</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76186</Sole>
      <Shared>5000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HCA HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40412C101</cusip>
    <value>11374</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>236800</Sole>
      <Shared>1600</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HCI GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40416E103</cusip>
    <value>9181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>171600</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEADWATERS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42210P102</cusip>
    <value>537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEALTHSOUTH CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>421924309</cusip>
    <value>463</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEARTLAND EXPRES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422347104</cusip>
    <value>2560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEARTLAND FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42234Q102</cusip>
    <value>315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10950</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEARTLAND PAYMEN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42235N108</cusip>
    <value>590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11840</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEICO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422806109</cusip>
    <value>435</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEIDRICK &amp; STRUG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422819102</cusip>
    <value>2607</value>
    <shrsOrPrnAmt>
      <sshPrnamt>129440</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>129440</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERBALIFE LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G4412G101</cusip>
    <value>6068</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77100</Sole>
      <Shared>0</Shared>
      <None>11</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERCULES OFFSHOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>427093109</cusip>
    <value>4430</value>
    <shrsOrPrnAmt>
      <sshPrnamt>679350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>679350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERITAGE COMMERC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>426927109</cusip>
    <value>1469</value>
    <shrsOrPrnAmt>
      <sshPrnamt>178300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>164800</Sole>
      <Shared>13500</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERITAGE FINANCIAL GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42726X102</cusip>
    <value>1380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71700</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERITAGE FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42722X106</cusip>
    <value>1879</value>
    <shrsOrPrnAmt>
      <sshPrnamt>109860</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>101560</Sole>
      <Shared>8300</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERITAGE-CRYSTAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42726M106</cusip>
    <value>471</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERSHEY CO/THE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>427866108</cusip>
    <value>2897</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29800</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HESS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42809H107</cusip>
    <value>4233</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEWLETT PACKARD CO COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>428236103</cusip>
    <value>10381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>371003</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>368270</Sole>
      <Shared>2733</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HF FINL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>404172108</cusip>
    <value>155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HHGREGG INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42833L108</cusip>
    <value>2425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>173600</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HICKORYTECH CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>429060106</cusip>
    <value>1148</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89445</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>79645</Sole>
      <Shared>9800</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HIGHPOWER INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>43113X101</cusip>
    <value>364</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>142000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HILL INTERNATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>431466101</cusip>
    <value>379</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95971</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95971</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HILLTOP HOLDINGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>432748101</cusip>
    <value>789</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HMN FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40424G108</cusip>
    <value>264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOLLYFRONTIER CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>436106108</cusip>
    <value>4648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93540</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOME BANCORP. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>43689E107</cusip>
    <value>1293</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62000</Sole>
      <Shared>6600</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>3845</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOME FEDERAL BAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>43710G105</cusip>
    <value>806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOME LOAN SERVIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G6648D109</cusip>
    <value>838</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOMESTREET INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>43785V102</cusip>
    <value>1998</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>99900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOMETRUST BANCSH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437872104</cusip>
    <value>804</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOOKER FURNITURE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>439038100</cusip>
    <value>1059</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54400</Sole>
      <Shared>9100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOPFED BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>439734104</cusip>
    <value>474</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HORACE MANN EDUC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>440327104</cusip>
    <value>7019</value>
    <shrsOrPrnAmt>
      <sshPrnamt>222550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>222550</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HORIZON BNCRP/IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>440407104</cusip>
    <value>710</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28013</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28013</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HORIZON PHARMA I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44047T109</cusip>
    <value>1763</value>
    <shrsOrPrnAmt>
      <sshPrnamt>231400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>203700</Sole>
      <Shared>27700</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HORNBECK OFFSHOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>440543106</cusip>
    <value>668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13570</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13570</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HORSEHEAD HOLING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>440694305</cusip>
    <value>284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOUSTON WIRE &amp; C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44244K109</cusip>
    <value>721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUDSON VALL HLDG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>444172100</cusip>
    <value>1282</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUNTINGTON BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>446150104</cusip>
    <value>3921</value>
    <shrsOrPrnAmt>
      <sshPrnamt>406300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>406300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HURCO COMPANIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>447324104</cusip>
    <value>1431</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57234</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52234</Sole>
      <Shared>5000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HURON CONSULTING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>447462102</cusip>
    <value>2898</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46250</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUTCHINSON TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>448407106</cusip>
    <value>2530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>790700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>790700</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HYSTER-YALE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>449172105</cusip>
    <value>275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2950</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>I D SYSTEMS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>449489103</cusip>
    <value>405</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48000</Sole>
      <Shared>22000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ICF INTERNATIONA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44925C103</cusip>
    <value>1265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36450</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IDT CORP.-CLASS B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>448947507</cusip>
    <value>1149</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64317</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52417</Sole>
      <Shared>11900</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IEC ELECTRONICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44949L105</cusip>
    <value>322</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75850</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IGATE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45169U105</cusip>
    <value>574</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IGI LABORATORIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>449575109</cusip>
    <value>92</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ILLUMINA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452327109</cusip>
    <value>5950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IMATION CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45245A107</cusip>
    <value>497</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IMMERSION CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452521107</cusip>
    <value>653</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IMMUNOCELLULAR T</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452536105</cusip>
    <value>65</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IMMUNOMEDICS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452907108</cusip>
    <value>1036</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>225300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IMPAC MTG HLDGS</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>45254P508</cusip>
    <value>340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IMPAX LABS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45256B101</cusip>
    <value>563</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IMPERIAL HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452834104</cusip>
    <value>164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INDEP BANK/MICH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>453838609</cusip>
    <value>3060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>255000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>241000</Sole>
      <Shared>14000</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INDEP HLDG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>453440307</cusip>
    <value>1444</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107040</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96580</Sole>
      <Shared>10460</Shared>
      <None>8</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INFINITY PROPERT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45665Q103</cusip>
    <value>1782</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24840</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INFORMATION SERV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45675Y104</cusip>
    <value>2165</value>
    <shrsOrPrnAmt>
      <sshPrnamt>510700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>468300</Sole>
      <Shared>42400</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INGLES MARKETS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>457030104</cusip>
    <value>3272</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120750</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INNODATA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>457642205</cusip>
    <value>444</value>
    <shrsOrPrnAmt>
      <sshPrnamt>181055</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>156055</Sole>
      <Shared>25000</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INNOVATIVE SOL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45769N105</cusip>
    <value>463</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63454</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63454</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INOVIO PHARMACEU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45773H102</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INSIGHT ENTERPRI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45765U103</cusip>
    <value>4984</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>219483</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INSPERITY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45778Q107</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INSTEEL INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45774W108</cusip>
    <value>584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INSTITUTIONAL FI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45779L107</cusip>
    <value>59</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTEGRAT SIL SOL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45812P107</cusip>
    <value>2001</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>165535</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>22641</value>
    <shrsOrPrnAmt>
      <sshPrnamt>872303</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>869403</Sole>
      <Shared>2900</Shared>
      <None>23</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTELIQUENT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45825N107</cusip>
    <value>1816</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>159150</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTERACTIVE BROK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45841N107</cusip>
    <value>3473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>142700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTERCONTINENTALEXCHANGE GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45866F104</cusip>
    <value>3081</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTERDIGITAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45867G101</cusip>
    <value>469</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTERMOLECULAR I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45882D109</cusip>
    <value>360</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTERNATIONAL BUSINESS MACHS C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
    <value>22885</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122007</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122007</Sole>
      <Shared>0</Shared>
      <None>13</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTERSECTIONS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>460981301</cusip>
    <value>1143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146734</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134234</Sole>
      <Shared>12500</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTERVEST BNCS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>460927106</cusip>
    <value>1814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>241512</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>241512</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL BANCSHARES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459044103</cusip>
    <value>6062</value>
    <shrsOrPrnAmt>
      <sshPrnamt>229987</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>229987</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL FCSTONE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46116V105</cusip>
    <value>595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL SHIPHOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>460321201</cusip>
    <value>973</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32991</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32991</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL SPEEDWAY-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>460335201</cusip>
    <value>742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20920</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTRALINKS HOLDI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46118H104</cusip>
    <value>1078</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTUIT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>461202103</cusip>
    <value>3686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVACARE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>461203101</cusip>
    <value>2211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95250</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVENTURE FOODS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>461212102</cusip>
    <value>825</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44300</Sole>
      <Shared>17900</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVESTMENT TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46145F105</cusip>
    <value>2473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVESTORS TITLE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>461804106</cusip>
    <value>615</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPASS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46261V108</cusip>
    <value>434</value>
    <shrsOrPrnAmt>
      <sshPrnamt>276500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>226600</Sole>
      <Shared>49900</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IRIDIUM COMMUNIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46269C102</cusip>
    <value>1334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213453</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213453</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES-RUSS M/C</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464288869</cusip>
    <value>1241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16525</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16525</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISLE OF CAPRI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464592104</cusip>
    <value>3004</value>
    <shrsOrPrnAmt>
      <sshPrnamt>333750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>310350</Sole>
      <Shared>23400</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISTAR FINANCIAL</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>45031U101</cusip>
    <value>2995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>209900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ITERIS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46564T107</cusip>
    <value>536</value>
    <shrsOrPrnAmt>
      <sshPrnamt>255430</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>179220</Sole>
      <Shared>76210</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ITT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>450911201</cusip>
    <value>591</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10700</Sole>
      <Shared>2900</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>J2 GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48123V102</cusip>
    <value>406</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8120</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8120</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JAMBA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>47023A309</cusip>
    <value>407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32742</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32222</Sole>
      <Shared>520</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JAMES RIVER COAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>470355207</cusip>
    <value>1052</value>
    <shrsOrPrnAmt>
      <sshPrnamt>779400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>736200</Sole>
      <Shared>43200</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JMP GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46629U107</cusip>
    <value>1404</value>
    <shrsOrPrnAmt>
      <sshPrnamt>189751</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>173451</Sole>
      <Shared>16300</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOES JEANS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>47777N101</cusip>
    <value>424</value>
    <shrsOrPrnAmt>
      <sshPrnamt>385000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>385000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON OUTDOO-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>479167108</cusip>
    <value>1339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46300</Sole>
      <Shared>3400</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON&amp;JOHNSON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>23313</value>
    <shrsOrPrnAmt>
      <sshPrnamt>254532</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>254532</Sole>
      <Shared>0</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOS A BANK CLOTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>480838101</cusip>
    <value>466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOURNAL COMMUN-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>481130102</cusip>
    <value>973</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>104550</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JPMORGAN CHASE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>24395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>417155</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>417155</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>K12 INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48273U102</cusip>
    <value>468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KADANT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48282T104</cusip>
    <value>608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KAISER ALUMINUM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>483007704</cusip>
    <value>5534</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78780</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78780</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KANDI TECHNOLGIE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>483709101</cusip>
    <value>1214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>103000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>103000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KANSAS CITY LIFE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>484836101</cusip>
    <value>329</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KAPSTONE PAPER A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48562P103</cusip>
    <value>567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KCAP FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48668E101</cusip>
    <value>907</value>
    <shrsOrPrnAmt>
      <sshPrnamt>112400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95700</Sole>
      <Shared>16700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KELLY SERVICES-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>488152208</cusip>
    <value>895</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEWAUNEE SCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>492854104</cusip>
    <value>276</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEY ENERGY SERV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>492914106</cusip>
    <value>1657</value>
    <shrsOrPrnAmt>
      <sshPrnamt>209700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEY TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>493143101</cusip>
    <value>357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24900</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEY TRONIC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>493144109</cusip>
    <value>676</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEYCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>493267108</cusip>
    <value>3234</value>
    <shrsOrPrnAmt>
      <sshPrnamt>241000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>241000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KID BRANDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49375T100</cusip>
    <value>259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>254400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>236400</Sole>
      <Shared>18000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KIMBALL INTL -B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>494274103</cusip>
    <value>1819</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KINDRED HEALTHCA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>494580103</cusip>
    <value>7788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>394550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>394550</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KIRKLANDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>497498105</cusip>
    <value>271</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1750</Sole>
      <Shared>9700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KMG CHEMICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>482564101</cusip>
    <value>823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40900</Sole>
      <Shared>7800</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KNIGHTSBRIDGE TA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G5299G106</cusip>
    <value>533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KOHLS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500255104</cusip>
    <value>2826</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KONA GRILL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50047H201</cusip>
    <value>1253</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KOPIN CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500600101</cusip>
    <value>797</value>
    <shrsOrPrnAmt>
      <sshPrnamt>188950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>149750</Sole>
      <Shared>39200</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRATON PERFORMAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50077C106</cusip>
    <value>1485</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64425</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRATOS DEFENSE &amp;</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50077B207</cusip>
    <value>904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117750</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KROGER CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501044101</cusip>
    <value>6696</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>167400</Sole>
      <Shared>2000</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KULICKE &amp; SOFFA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501242101</cusip>
    <value>2290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>172200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>172200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KVH INDUSTRIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>482738101</cusip>
    <value>1394</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106967</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92610</Sole>
      <Shared>14357</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>L&amp;L ENERGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50162D100</cusip>
    <value>424</value>
    <shrsOrPrnAmt>
      <sshPrnamt>280850</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>280850</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>L-3 COMMUNICATIONS HLDGS INC C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>502424104</cusip>
    <value>3836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LADENBURG THALMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50575Q102</cusip>
    <value>1543</value>
    <shrsOrPrnAmt>
      <sshPrnamt>493000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>493000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LAKE SHORE BANCO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>510700107</cusip>
    <value>169</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13850</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LAKELAND BANCORP INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>511637100</cusip>
    <value>1701</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137515</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137515</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LAKELAND INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>511795106</cusip>
    <value>70</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13300</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LAKES ENTERTAINM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>51206P109</cusip>
    <value>654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>135100</Sole>
      <Shared>30400</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LANDEC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>514766104</cusip>
    <value>1425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>102800</Sole>
      <Shared>14800</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LANDMARK BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>51504L107</cusip>
    <value>204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10398</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10398</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LANNETT CO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>516012101</cusip>
    <value>680</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20540</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAPORTE BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>516651106</cusip>
    <value>122</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAS VEGAS SANDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>517834107</cusip>
    <value>497</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5100</Sole>
      <Shared>1200</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAUDER ESTEE COS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>518439104</cusip>
    <value>3728</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48400</Sole>
      <Shared>1100</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAWSON PRODUCTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>520776105</cusip>
    <value>397</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAYNE CHRISTENSN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>521050104</cusip>
    <value>461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LA-Z-BOY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>505336107</cusip>
    <value>2567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>82800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LCA-VISION INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501803308</cusip>
    <value>401</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84000</Sole>
      <Shared>18900</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LCNB CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50181P100</cusip>
    <value>300</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16800</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEAP WIRELESS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>521863308</cusip>
    <value>572</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEAR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>521865204</cusip>
    <value>10980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134100</Sole>
      <Shared>1500</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEARNING TREE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>522015106</cusip>
    <value>283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75400</Sole>
      <Shared>14700</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEE ENTERPRISES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>523768109</cusip>
    <value>1531</value>
    <shrsOrPrnAmt>
      <sshPrnamt>441300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>354800</Sole>
      <Shared>86500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEMAITRE VASCULA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>525558201</cusip>
    <value>403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50250</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEVEL 3 COMM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>52729N308</cusip>
    <value>10372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>312700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>310100</Sole>
      <Shared>2600</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LHC GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50187A107</cusip>
    <value>1310</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54500</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIFETIME BRANDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>53222Q103</cusip>
    <value>1949</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123899</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115899</Sole>
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      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIFEWAY FOODS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>531914109</cusip>
    <value>1542</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96502</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96502</Sole>
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      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIHUA INTERNATIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532352101</cusip>
    <value>975</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>170500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIMELIGHT NETWOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>53261M104</cusip>
    <value>712</value>
    <shrsOrPrnAmt>
      <sshPrnamt>359837</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>359837</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIMONEIRA CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532746104</cusip>
    <value>532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINC.OLN EDUCATIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>533535100</cusip>
    <value>685</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117550</Sole>
      <Shared>20000</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINC.OLN NATL CRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>534187109</cusip>
    <value>9261</value>
    <shrsOrPrnAmt>
      <sshPrnamt>179400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175900</Sole>
      <Shared>3500</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINKEDIN CORP-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>53578A108</cusip>
    <value>3838</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIONBRIDGE TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>536252109</cusip>
    <value>1533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>257195</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220395</Sole>
      <Shared>36800</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LITHIA MOTORS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>536797103</cusip>
    <value>514</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LKQ CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501889208</cusip>
    <value>2507</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LMI AEROSPACE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>502079106</cusip>
    <value>422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22500</Sole>
      <Shared>6100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LNB BANCORP. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>502100100</cusip>
    <value>869</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86672</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70372</Sole>
      <Shared>16300</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOCKHEED MARTIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>2805</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18870</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18870</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOEWS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>540424108</cusip>
    <value>3372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOJACK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539451104</cusip>
    <value>279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77150</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LOUISIANA BANCOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>54619P104</cusip>
    <value>450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19000</Sole>
      <Shared>5700</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LSI INDUSTRIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50216C108</cusip>
    <value>888</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84000</Sole>
      <Shared>18400</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LUBYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>549282101</cusip>
    <value>1039</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134600</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LUMOS NETWORKS C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>550283105</cusip>
    <value>742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LYDALL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>550819106</cusip>
    <value>2949</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>160350</Sole>
      <Shared>7000</Shared>
      <None>6</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LYONDELLBASELL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N53745100</cusip>
    <value>6543</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>81500</Sole>
      <Shared>0</Shared>
      <None>15</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MACATAWA BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>554225102</cusip>
    <value>535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107041</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107041</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MACYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55616P104</cusip>
    <value>4171</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAGELLAN HEALTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>559079207</cusip>
    <value>686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11450</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MAGNACHIP SEMICO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55933J203</cusip>
    <value>4684</value>
    <shrsOrPrnAmt>
      <sshPrnamt>240200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>235000</Sole>
      <Shared>5200</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAGNETEK INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>559424403</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAIDEN HOLDINGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G5753U112</cusip>
    <value>3607</value>
    <shrsOrPrnAmt>
      <sshPrnamt>330050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>330050</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAINSOURCE FINAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56062Y102</cusip>
    <value>1985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>110100</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MANHATTAN ASSOC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>562750109</cusip>
    <value>505</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MANITEX INTERNAT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>563420108</cusip>
    <value>1891</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MANNING &amp; NAPIER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56382Q102</cusip>
    <value>2614</value>
    <shrsOrPrnAmt>
      <sshPrnamt>148100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>139700</Sole>
      <Shared>8400</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MANPOWER INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56418H100</cusip>
    <value>824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7600</Sole>
      <Shared>2000</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MANTECH INTL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>564563104</cusip>
    <value>4630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>154682</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>154682</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARATHON PETROLE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56585A102</cusip>
    <value>12876</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140370</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>139370</Sole>
      <Shared>1000</Shared>
      <None>19</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARCHEX INC.-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56624R108</cusip>
    <value>2937</value>
    <shrsOrPrnAmt>
      <sshPrnamt>339500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>326000</Sole>
      <Shared>13500</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARCUS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>566330106</cusip>
    <value>298</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARINE PRODUCTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>568427108</cusip>
    <value>151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2900</Sole>
      <Shared>12100</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARINEMAX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>567908108</cusip>
    <value>651</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31600</Sole>
      <Shared>8900</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARKETAXESS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57060D108</cusip>
    <value>562</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARLIN BUSINESS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571157106</cusip>
    <value>965</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30800</Sole>
      <Shared>7500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARSH &amp; MCLENNAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571748102</cusip>
    <value>3100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARTEN TRANSPORT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573075108</cusip>
    <value>1897</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93948</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93948</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARTHA STEWART-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573083102</cusip>
    <value>391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MASTERCARD INC.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>3843</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATADOR RESOURCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>576485205</cusip>
    <value>392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21050</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATERIAL SCIENCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>576674105</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATERION CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>576690101</cusip>
    <value>2095</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATTERSIGHT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577097108</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATTSON TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577223100</cusip>
    <value>633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>231050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>196550</Sole>
      <Shared>34500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAUI LAND &amp; PINE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577345101</cusip>
    <value>183</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAXLINEAR-CLS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57776J100</cusip>
    <value>2056</value>
    <shrsOrPrnAmt>
      <sshPrnamt>197150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>197150</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAXWELL TECH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577767106</cusip>
    <value>448</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MB FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55264U108</cusip>
    <value>1217</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37950</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MBT FIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>578877102</cusip>
    <value>598</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140490</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>140490</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MCCLATCHY CO-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>579489105</cusip>
    <value>1795</value>
    <shrsOrPrnAmt>
      <sshPrnamt>527850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>527850</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MCDONALDS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>18833</value>
    <shrsOrPrnAmt>
      <sshPrnamt>194090</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>194090</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MEADOWBROOK INS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58319P108</cusip>
    <value>1706</value>
    <shrsOrPrnAmt>
      <sshPrnamt>245150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>245150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MED ACTION INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58449L100</cusip>
    <value>2053</value>
    <shrsOrPrnAmt>
      <sshPrnamt>239850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>239850</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MEDALLION FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>583928106</cusip>
    <value>1257</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87611</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87611</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MEDGENICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58436Q203</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MEDICINOVA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58468P206</cusip>
    <value>86</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MEDTRONIC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>585055106</cusip>
    <value>2927</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49700</Sole>
      <Shared>1300</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MENS WEARHOUSE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>587118100</cusip>
    <value>3642</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MENTOR GRAPHICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>587200106</cusip>
    <value>2734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113600</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERCANTILE BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>587376104</cusip>
    <value>1341</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62150</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERCER INTERNATI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>588056101</cusip>
    <value>1437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>144100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERCHANTS BCSHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>588448100</cusip>
    <value>1139</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29400</Sole>
      <Shared>4600</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERCK &amp; CO INC NEW COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>18048</value>
    <shrsOrPrnAmt>
      <sshPrnamt>360595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>360595</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERIT MEDICAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>589889104</cusip>
    <value>442</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERITAGE HOMES C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59001A102</cusip>
    <value>2395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERU NETWORKS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59047Q103</cusip>
    <value>231</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MESA LABS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59064R109</cusip>
    <value>788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10030</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>META FINANCIAL G</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59100U108</cusip>
    <value>1712</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42455</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37255</Sole>
      <Shared>5200</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>METALICO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>591176102</cusip>
    <value>1474</value>
    <shrsOrPrnAmt>
      <sshPrnamt>712002</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>680302</Sole>
      <Shared>31700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>METRO BANCORP. IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59161R101</cusip>
    <value>3118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134250</Sole>
      <Shared>10500</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>METROCORP. BANCSH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>591650106</cusip>
    <value>982</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65144</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57144</Sole>
      <Shared>8000</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MFRI INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>552721102</cusip>
    <value>291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MGC DIAGNOSTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>552768103</cusip>
    <value>230</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MGIC INVT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>552848103</cusip>
    <value>3140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>372050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>361850</Sole>
      <Shared>10200</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MGP INGREDIENTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55303J106</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62580</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49480</Sole>
      <Shared>13100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROFINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595072109</cusip>
    <value>1095</value>
    <shrsOrPrnAmt>
      <sshPrnamt>128046</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>128046</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>11212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>515500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>507000</Sole>
      <Shared>8500</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>23250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>621485</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>621485</Sole>
      <Shared>0</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIDDLEBURG FINAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>596094102</cusip>
    <value>196</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10863</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10863</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIDDLEBY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>596278101</cusip>
    <value>503</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIDSOUTH BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>598039105</cusip>
    <value>1484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>83100</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIDSTATES PETROL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59804T100</cusip>
    <value>1867</value>
    <shrsOrPrnAmt>
      <sshPrnamt>282000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>282000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIDWESTONE FINAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>598511103</cusip>
    <value>1733</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58300</Sole>
      <Shared>5400</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MILLER ENERGY RES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>600527105</cusip>
    <value>1829</value>
    <shrsOrPrnAmt>
      <sshPrnamt>259741</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>236341</Sole>
      <Shared>23400</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MILLER INDS/TENN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>600551204</cusip>
    <value>1508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70950</Sole>
      <Shared>10000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MITCHAM INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>606501104</cusip>
    <value>2062</value>
    <shrsOrPrnAmt>
      <sshPrnamt>116450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>109550</Sole>
      <Shared>6900</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MITEL NETWORKS C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60671Q104</cusip>
    <value>351</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOCON INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>607494101</cusip>
    <value>190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MODINE MFG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>607828100</cusip>
    <value>508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MODUSLINK GLOBAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60786L107</cusip>
    <value>297</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOLINA HEALTHCAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60855R100</cusip>
    <value>2441</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70250</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONARCH CASINO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>609027107</cusip>
    <value>2050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102077</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>94577</Sole>
      <Shared>7500</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONARCH FINANCIA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60907Q100</cusip>
    <value>303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MONSANTO CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61166W101</cusip>
    <value>2368</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20320</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20320</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MONSTER BEVERAGE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>611740101</cusip>
    <value>3355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MONSTER WORLDWID</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>611742107</cusip>
    <value>1278</value>
    <shrsOrPrnAmt>
      <sshPrnamt>179200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>179200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONTPELIER RE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G62185106</cusip>
    <value>2629</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOOG INC.-CLASS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>615394202</cusip>
    <value>3479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49800</Sole>
      <Shared>1400</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>617446448</cusip>
    <value>4023</value>
    <shrsOrPrnAmt>
      <sshPrnamt>128300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>128300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MORGANS HOTEL GR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61748W108</cusip>
    <value>840</value>
    <shrsOrPrnAmt>
      <sshPrnamt>103300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84300</Sole>
      <Shared>19000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MTR GAMING GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>553769100</cusip>
    <value>518</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100480</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MULTI-COLOR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>625383104</cusip>
    <value>1062</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28150</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MULTI-FINELINE E</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62541B101</cusip>
    <value>633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MURPHY OIL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>626717102</cusip>
    <value>2115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MUTUALFIRST FIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62845B104</cusip>
    <value>504</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29449</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29449</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MVC CAPITAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>553829102</cusip>
    <value>1598</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>118400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MWI VETERINARY S</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55402X105</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MYR GROUP INC./DE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55405W104</cusip>
    <value>680</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NACCO INDS INC CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>629579103</cusip>
    <value>1281</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NANOSPHERE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63009F105</cusip>
    <value>614</value>
    <shrsOrPrnAmt>
      <sshPrnamt>268300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>233300</Sole>
      <Shared>35000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NAPCO SECURITY TECHNOLOGIES IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>630402105</cusip>
    <value>646</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>102900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATHANS FAMOUS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>632347100</cusip>
    <value>635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATIONAL INTERST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63654U100</cusip>
    <value>552</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATL HEALTHCARE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>635906100</cusip>
    <value>755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATL PENN BCSHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637138108</cusip>
    <value>283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATL WEST LIFE-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>638522102</cusip>
    <value>1671</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7475</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7475</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATURAL ALT INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>638842302</cusip>
    <value>98</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATURAL GAS SERV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63886Q109</cusip>
    <value>2266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82205</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74805</Sole>
      <Shared>7400</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NAUGATUCK VALLEY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63906P107</cusip>
    <value>275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38001</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28501</Sole>
      <Shared>9500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NAUTILUS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63910B102</cusip>
    <value>942</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111686</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111686</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NAVIGANT CONSULT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63935N107</cusip>
    <value>3823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>199100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>199100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NAVIGATORS GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>638904102</cusip>
    <value>4728</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74850</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NBT BANCORP. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>628778102</cusip>
    <value>337</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NCI INC.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62886K104</cusip>
    <value>859</value>
    <shrsOrPrnAmt>
      <sshPrnamt>129830</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>129830</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NELNET INC CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64031N108</cusip>
    <value>4582</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>108725</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEOPHOTONICS COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64051T100</cusip>
    <value>1226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173711</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>151711</Sole>
      <Shared>22000</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NET 1 UEPS TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64107N206</cusip>
    <value>173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19800</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NETLIST INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64118P109</cusip>
    <value>75</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63100</Sole>
      <Shared>37900</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NETSCOUT SYSTEMS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64115T104</cusip>
    <value>580</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NETSOL TECH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64115A402</cusip>
    <value>362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NETSUITE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64118Q107</cusip>
    <value>3564</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEVADA GOLD&amp;CASI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64126Q206</cusip>
    <value>164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEW CENTURY BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64353M100</cusip>
    <value>67</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10076</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10076</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEW HAMP THRIFT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>644722100</cusip>
    <value>278</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18250</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEW YORK &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>649295102</cusip>
    <value>572</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEWBRIDGE BANCOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65080T102</cusip>
    <value>2100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>282894</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>282894</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEWMONT MINING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>2151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEWPARK RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651718504</cusip>
    <value>3096</value>
    <shrsOrPrnAmt>
      <sshPrnamt>251900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>245900</Sole>
      <Shared>6000</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEWPORT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651824104</cusip>
    <value>698</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NGP CAP RES CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62912R107</cusip>
    <value>811</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95600</Sole>
      <Shared>13000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NN INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>629337106</cusip>
    <value>4450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>205500</Sole>
      <Shared>14900</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOBLE ENERGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655044105</cusip>
    <value>6997</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102730</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>102730</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORANDA ALUMINUM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65542W107</cusip>
    <value>721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>219150</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORDSTROM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655664100</cusip>
    <value>2849</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44800</Sole>
      <Shared>1300</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTH AMERICAN E</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>656844107</cusip>
    <value>611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>105100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTH VALLEY BNC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>66304M204</cusip>
    <value>461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24378</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24378</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHEAST BANCRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>663904209</cusip>
    <value>335</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHEAST COMMUN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>664112109</cusip>
    <value>402</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55658</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55658</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHERN OIL AND</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>665531109</cusip>
    <value>1212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHERN TRUST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>665859104</cusip>
    <value>2581</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHRIM BANCORP INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>666762109</cusip>
    <value>1646</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62745</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55645</Sole>
      <Shared>7100</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHROP GRUMMAN CORP COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>666807102</cusip>
    <value>7954</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69400</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHWEST BANCSH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>667340103</cusip>
    <value>3584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>242500</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHWEST PIPE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>667746101</cusip>
    <value>2341</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62000</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOVABAY PHARMACE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>66987P102</cusip>
    <value>149</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOVATEL WIRELESS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>66987M604</cusip>
    <value>551</value>
    <shrsOrPrnAmt>
      <sshPrnamt>232700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>232700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NU SKIN ENTERP-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67018T105</cusip>
    <value>3386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUMEREX CORP.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67053A102</cusip>
    <value>389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUTRACEUTICAL IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67060Y101</cusip>
    <value>3487</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122000</Sole>
      <Shared>8200</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUTRISYSTEM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67069D108</cusip>
    <value>575</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVASIVE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670704105</cusip>
    <value>763</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OCCIDENTAL PETE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>2207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23205</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23205</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OCEAN POWER TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674870308</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>17900</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OCEAN SHORE HOLD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67501R103</cusip>
    <value>438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OCEANFIRST FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>675234108</cusip>
    <value>2341</value>
    <shrsOrPrnAmt>
      <sshPrnamt>136638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>136638</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OCLARO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67555N206</cusip>
    <value>63</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OFFICE DEPOT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>676220106</cusip>
    <value>1888</value>
    <shrsOrPrnAmt>
      <sshPrnamt>356900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>356900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OFG BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67103X102</cusip>
    <value>2257</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130150</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OHIO VALLEY BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>677719106</cusip>
    <value>570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19500</Sole>
      <Shared>6400</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OIL DRI CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>677864100</cusip>
    <value>995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21400</Sole>
      <Shared>4900</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OLD LINE BANCSHA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67984M100</cusip>
    <value>149</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>OLD NATL BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>680033107</cusip>
    <value>778</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OLD SECOND BNCRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>680277100</cusip>
    <value>347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OLYMPIC STEEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68162K106</cusip>
    <value>3509</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115600</Sole>
      <Shared>5500</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OM GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670872100</cusip>
    <value>5545</value>
    <shrsOrPrnAmt>
      <sshPrnamt>152300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>152300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OMEGA PROTEIN CP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68210P107</cusip>
    <value>3414</value>
    <shrsOrPrnAmt>
      <sshPrnamt>277800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>268800</Sole>
      <Shared>9000</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OMEROS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682143102</cusip>
    <value>1000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88595</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OMNIAMERICAN BAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68216R107</cusip>
    <value>907</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OMNIVISION TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682128103</cusip>
    <value>788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONCOTHYREON INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682324108</cusip>
    <value>401</value>
    <shrsOrPrnAmt>
      <sshPrnamt>227988</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>227988</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONE LIBERTY PROP</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>682406103</cusip>
    <value>1470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73012</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73012</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONEBEACON INS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G67742109</cusip>
    <value>2709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171220</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>171220</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONEIDA FINL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682479100</cusip>
    <value>509</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34200</Sole>
      <Shared>6000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OPPENHEIMER HO-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>683797104</cusip>
    <value>1751</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70650</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORACLE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>23789</value>
    <shrsOrPrnAmt>
      <sshPrnamt>621773</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>621773</Sole>
      <Shared>0</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORBCOMM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68555P100</cusip>
    <value>1105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>174300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORBITZ WORLDWIDE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68557K109</cusip>
    <value>2261</value>
    <shrsOrPrnAmt>
      <sshPrnamt>314900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>314900</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORCHIDS PAPER PR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68572N104</cusip>
    <value>2252</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68561</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68561</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OREILLY AUTOMOTIVE NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67103H107</cusip>
    <value>425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2500</Sole>
      <Shared>800</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORIENT PAPER INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68619F205</cusip>
    <value>313</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117811</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117811</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORION ENERGY SYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>686275108</cusip>
    <value>641</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94224</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>94224</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORION MARINE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68628V308</cusip>
    <value>2127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>160700</Sole>
      <Shared>16100</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORRSTOWN FINL SV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>687380105</cusip>
    <value>548</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OVASCIENCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69014Q101</cusip>
    <value>229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OVERSTOCK.COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>690370101</cusip>
    <value>904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OXIGENE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>691828404</cusip>
    <value>198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>P &amp; F INDUST -A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>692830508</cusip>
    <value>73</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>P A M TRANSN SVCS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693149106</cusip>
    <value>840</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40550</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAC CONTL CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69412V108</cusip>
    <value>1841</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115513</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>102513</Sole>
      <Shared>13000</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAC SUNWEAR CAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>694873100</cusip>
    <value>2134</value>
    <shrsOrPrnAmt>
      <sshPrnamt>638849</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>601649</Sole>
      <Shared>37200</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PACER INTL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69373H106</cusip>
    <value>3779</value>
    <shrsOrPrnAmt>
      <sshPrnamt>457500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>427500</Sole>
      <Shared>30000</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PACIFIC BIOSCIEN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69404D108</cusip>
    <value>1303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>249100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>222400</Sole>
      <Shared>26700</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PACIFIC MERCANTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>694552100</cusip>
    <value>339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54572</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54572</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PACIFIC PREMIER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69478X105</cusip>
    <value>976</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49400</Sole>
      <Shared>12600</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PACKAGING CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>695156109</cusip>
    <value>3018</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46400</Sole>
      <Shared>1300</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAIN THERAPEUTIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69562K100</cusip>
    <value>1276</value>
    <shrsOrPrnAmt>
      <sshPrnamt>262453</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>222453</Sole>
      <Shared>40000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PANHANDLE OIL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>698477106</cusip>
    <value>996</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29797</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24397</Sole>
      <Shared>5400</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PANTRY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>698657103</cusip>
    <value>5616</value>
    <shrsOrPrnAmt>
      <sshPrnamt>334668</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>334668</Sole>
      <Shared>0</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAR TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>698884103</cusip>
    <value>571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>104750</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARAMOUNT GOLD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69924P102</cusip>
    <value>22</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23967</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23967</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAREXEL INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>699462107</cusip>
    <value>542</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARK STERLING CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70086Y105</cusip>
    <value>1774</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>223250</Sole>
      <Shared>25200</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARKER DRILLING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>701081101</cusip>
    <value>3027</value>
    <shrsOrPrnAmt>
      <sshPrnamt>372350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>372350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARKWAY PPTYS/MD</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>70159Q104</cusip>
    <value>857</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44428</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44428</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PATRICK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>703343103</cusip>
    <value>1180</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40800</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAYCHEX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704326107</cusip>
    <value>5864</value>
    <shrsOrPrnAmt>
      <sshPrnamt>128800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>128800</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PBF ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69318G106</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PC CONNECTION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69318J100</cusip>
    <value>2251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90600</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PCM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69323K100</cusip>
    <value>1252</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121950</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PC-TEL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69325Q105</cusip>
    <value>1063</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89900</Sole>
      <Shared>21200</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PDC ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69327R101</cusip>
    <value>848</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15930</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PDI INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69329V100</cusip>
    <value>317</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56200</Sole>
      <Shared>9800</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PDL BIOPHARMA IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69329Y104</cusip>
    <value>2703</value>
    <shrsOrPrnAmt>
      <sshPrnamt>320300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>320300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEAPACK GLADSTON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704699107</cusip>
    <value>1096</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57389</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57389</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENFORD CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>707051108</cusip>
    <value>628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48900</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENN VIRGINIA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>707882106</cusip>
    <value>4293</value>
    <shrsOrPrnAmt>
      <sshPrnamt>455300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>455300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENNANTPARK FLOATING RATE CAP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70806A106</cusip>
    <value>316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENNS WOODS BNCP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>708430103</cusip>
    <value>852</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEOPLES BANC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>709789101</cusip>
    <value>2097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>86850</Sole>
      <Shared>6300</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEOPLES BANC NC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>710577107</cusip>
    <value>437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30801</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25301</Sole>
      <Shared>5500</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEP BOYS MM&amp;J</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713278109</cusip>
    <value>800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEPSICO INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>18775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>226370</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>226370</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERCEPTRON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71361F100</cusip>
    <value>1868</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEREGRINE SEMICO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71366R703</cusip>
    <value>668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERFORMANCE TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71376K102</cusip>
    <value>851</value>
    <shrsOrPrnAmt>
      <sshPrnamt>227506</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>227506</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERICOM SEMICOND</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713831105</cusip>
    <value>1527</value>
    <shrsOrPrnAmt>
      <sshPrnamt>172300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>158200</Sole>
      <Shared>14100</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERRY ELLIS INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>288853104</cusip>
    <value>715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETMED EXPRESS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>716382106</cusip>
    <value>776</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46647</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46647</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROQUEST ENERG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>716748108</cusip>
    <value>734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>170000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETSMART INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>716768106</cusip>
    <value>1193</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>22619</value>
    <shrsOrPrnAmt>
      <sshPrnamt>738464</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>738464</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFSWEB INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717098206</cusip>
    <value>646</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71200</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PGT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69336V101</cusip>
    <value>1019</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHARMATHENE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71714G102</cusip>
    <value>468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>251526</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>183226</Sole>
      <Shared>68300</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHARMERICA CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71714F104</cusip>
    <value>2379</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>110650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHH CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693320202</cusip>
    <value>5380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220950</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHI INC.-NV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69336T205</cusip>
    <value>3314</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76350</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718546104</cusip>
    <value>4728</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61293</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61293</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHOENIX COS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71902E604</cusip>
    <value>872</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHOTOMEDEX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>719358301</cusip>
    <value>800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61797</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61797</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHOTRONICS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>719405102</cusip>
    <value>2032</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225070</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>225070</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIKE ELECTRIC CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>721283109</cusip>
    <value>1952</value>
    <shrsOrPrnAmt>
      <sshPrnamt>184700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>184700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PILGRIMS PRIDE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>72147K108</cusip>
    <value>5155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>317200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>308700</Sole>
      <Shared>8500</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE ENTMNT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723456109</cusip>
    <value>2431</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93550</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>72346Q104</cusip>
    <value>2097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64450</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE WEST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723484101</cusip>
    <value>1926</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIONEER ENERGY S</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723664108</cusip>
    <value>4503</value>
    <shrsOrPrnAmt>
      <sshPrnamt>562140</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>562140</Sole>
      <Shared>0</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIONEER NATURAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723787107</cusip>
    <value>5633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30600</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIPER JAFFRAY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>724078100</cusip>
    <value>1088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIXELWORKS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>72581M305</cusip>
    <value>629</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130497</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>93597</Sole>
      <Shared>36900</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLATINUM UNDERWR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7127P100</cusip>
    <value>2888</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47125</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLEXUS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>729132100</cusip>
    <value>7268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>166000</Sole>
      <Shared>1900</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLX TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693417107</cusip>
    <value>870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>132200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113900</Sole>
      <Shared>18300</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PMFG INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69345P103</cusip>
    <value>453</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PNC FINANCIAL SE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693475105</cusip>
    <value>3189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41100</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POLARIS INDS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>731068102</cusip>
    <value>3583</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POST HOLDINGS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>737446104</cusip>
    <value>4222</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POSTROCK ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>737525105</cusip>
    <value>142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97500</Sole>
      <Shared>24600</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSECURE INTE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73936N105</cusip>
    <value>1840</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>94450</Sole>
      <Shared>12700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POZEN INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73941U102</cusip>
    <value>461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41800</Sole>
      <Shared>15600</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPL CORP.ORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69351T106</cusip>
    <value>3593</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRAXAIR INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74005P104</cusip>
    <value>3550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PREFERRED BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>740367404</cusip>
    <value>2218</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106680</Sole>
      <Shared>3920</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PREMIER EXHIBITI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74051E102</cusip>
    <value>238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>205500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PREMIER FIN BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74050M105</cusip>
    <value>947</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66903</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66903</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PREMIERE GLOBAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>740585104</cusip>
    <value>191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRGX GLOBAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69357C503</cusip>
    <value>475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRICELINE.COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>741503403</cusip>
    <value>3022</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRIMO WATER CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74165N105</cusip>
    <value>453</value>
    <shrsOrPrnAmt>
      <sshPrnamt>172130</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150530</Sole>
      <Shared>21600</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRINC.IPAL FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74251V102</cusip>
    <value>3614</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73300</Sole>
      <Shared>0</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRIVATEBANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742962103</cusip>
    <value>4334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>149800</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>19080</value>
    <shrsOrPrnAmt>
      <sshPrnamt>234366</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>234366</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROGENICS PHARM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743187106</cusip>
    <value>386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>72400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROVIDENCE SERVI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743815102</cusip>
    <value>4919</value>
    <shrsOrPrnAmt>
      <sshPrnamt>191250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>183550</Sole>
      <Shared>7700</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROVIDENT FINANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74386T105</cusip>
    <value>2649</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROVIDENT FNL HL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743868101</cusip>
    <value>2787</value>
    <shrsOrPrnAmt>
      <sshPrnamt>185817</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>185817</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRUDENTL FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>10375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>112500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111200</Sole>
      <Shared>1300</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PSIVIDA CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74440J101</cusip>
    <value>416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>104900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PTGI HLDG INC COM.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74443P104</cusip>
    <value>238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>83500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PUB SERV ENTERP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744573106</cusip>
    <value>3355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>104700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PULASKI FINL CORP COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>745548107</cusip>
    <value>794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70500</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PULSE ELECTRONIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74586W205</cusip>
    <value>38</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13040</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>3040</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PYRAMID OIL CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747215101</cusip>
    <value>352</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PZENA INVES-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74731Q103</cusip>
    <value>621</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QAD INC. CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74727D306</cusip>
    <value>615</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34800</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QC HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74729T101</cusip>
    <value>101</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QCR HOLDINGS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74727A104</cusip>
    <value>225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QLT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>746927102</cusip>
    <value>476</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUAD GRAPHICS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747301109</cusip>
    <value>674</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24750</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>19683</value>
    <shrsOrPrnAmt>
      <sshPrnamt>265090</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>265090</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALITY DISTRIBU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74756M102</cusip>
    <value>475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUESTCOR PHARM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74835Y101</cusip>
    <value>381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUICKSILVER RES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74837R104</cusip>
    <value>3748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1220900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1220900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUINSTREET INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74874Q100</cusip>
    <value>1484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>170775</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUMU CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>749063103</cusip>
    <value>269</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RACKSPACE HOSTIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750086100</cusip>
    <value>1730</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44200</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIANT LOGISTIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75025X100</cusip>
    <value>134</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIO ONE-CL D</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75040P405</cusip>
    <value>828</value>
    <shrsOrPrnAmt>
      <sshPrnamt>218450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>218450</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIOSHACK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750438103</cusip>
    <value>1422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>547000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>547000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADISYS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750459109</cusip>
    <value>452</value>
    <shrsOrPrnAmt>
      <sshPrnamt>197300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>197300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADNET INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750491102</cusip>
    <value>344</value>
    <shrsOrPrnAmt>
      <sshPrnamt>206200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>170200</Sole>
      <Shared>36000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYTHEON CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>755111507</cusip>
    <value>2953</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32560</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RCM TECH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>749360400</cusip>
    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>READING INTL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>755408101</cusip>
    <value>415</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REALNETWORKS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75605L708</cusip>
    <value>483</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RED LION HOTELS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>756764106</cusip>
    <value>463</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RED ROBIN GOURME</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75689M101</cusip>
    <value>4183</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56875</Sole>
      <Shared>0</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGAL ENTERTAI-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>758766109</cusip>
    <value>2766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>138300</Sole>
      <Shared>3900</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENERON PHARM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886F107</cusip>
    <value>5395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19600</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGIONS FINANCIAL CORP NEW COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>7591EP100</cusip>
    <value>3766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>380800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>380800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGIS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>758932107</cusip>
    <value>1371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>94500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75936P105</cusip>
    <value>985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43200</Sole>
      <Shared>8000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RELM WIRELESS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759525108</cusip>
    <value>114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RENASANT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75970E107</cusip>
    <value>3056</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97147</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97147</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RENEWABLE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75972A301</cusip>
    <value>6098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>532094</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>532094</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RENTRAK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760174102</cusip>
    <value>1614</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPLIGEN CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759916109</cusip>
    <value>1693</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107100</Sole>
      <Shared>17000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC AIRWAYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760276105</cusip>
    <value>7947</value>
    <shrsOrPrnAmt>
      <sshPrnamt>743391</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>743391</Sole>
      <Shared>0</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC BNCRP-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760281204</cusip>
    <value>1160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47250</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC FIRST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760416107</cusip>
    <value>605</value>
    <shrsOrPrnAmt>
      <sshPrnamt>203000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>203000</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76116A108</cusip>
    <value>1748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>193600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>193600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE FOREST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>2831</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOURCE AMER-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761195205</cusip>
    <value>966</value>
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      <sshPrnamt>103200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85800</Sole>
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      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>REX AMERICAN RES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761624105</cusip>
    <value>5885</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131619</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>127019</Sole>
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      <None>7</None>
    </votingAuthority>
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    <nameOfIssuer>RICHARDSON ELEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>763165107</cusip>
    <value>629</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55411</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55411</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RITE AID CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>767754104</cusip>
    <value>3191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>630600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>596600</Sole>
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      <None>16</None>
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    <nameOfIssuer>RIVERVIEW BANCRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>485</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167406</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>167406</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RLI CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>749607107</cusip>
    <value>2522</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25900</Sole>
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      <None>3</None>
    </votingAuthority>
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    <nameOfIssuer>ROCK-TENN CO-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2951</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28100</sshPrnamt>
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    <votingAuthority>
      <Sole>28100</Sole>
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      <None>1</None>
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    <nameOfIssuer>ROCKVILLE FINANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>774188106</cusip>
    <value>1736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122200</Sole>
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      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>ROCKWELL AUTOMAT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773903109</cusip>
    <value>3651</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29900</Sole>
      <Shared>1000</Shared>
      <None>11</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROCKY BRANDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>774515100</cusip>
    <value>1140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78250</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78250</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROSETTA STONE IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>777780107</cusip>
    <value>506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41400</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROUNDYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>779268101</cusip>
    <value>3700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>375211</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>375211</Sole>
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      <None>5</None>
    </votingAuthority>
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    <nameOfIssuer>ROYAL BCSHS PENN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780081105</cusip>
    <value>49</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35398</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35398</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RTI BIOLOGICS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74975N105</cusip>
    <value>794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>224400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>224400</Sole>
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      <None>5</None>
    </votingAuthority>
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    <nameOfIssuer>RUBICON TECHNOLO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78112T107</cusip>
    <value>492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38400</Sole>
      <Shared>11000</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RUBY TUESDAY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781182100</cusip>
    <value>1477</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213100</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RUDOLPH TECHNOL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781270103</cusip>
    <value>365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31100</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RUSH ENTER-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781846209</cusip>
    <value>3472</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117100</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RYLAND GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>783764103</cusip>
    <value>3425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77100</Sole>
      <Shared>1800</Shared>
      <None>14</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>S &amp; T BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>783859101</cusip>
    <value>2025</value>
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      <sshPrnamt>80000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80000</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAFETY INSURANCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78648T100</cusip>
    <value>1408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAFEWAY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>786514208</cusip>
    <value>7358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>223000</Sole>
      <Shared>2900</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAGA COMM-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>786598300</cusip>
    <value>654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13005</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13005</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SAIA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78709Y105</cusip>
    <value>5117</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159650</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>159650</Sole>
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      <None>8</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SALEM COMMUN -A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>794093104</cusip>
    <value>1587</value>
    <shrsOrPrnAmt>
      <sshPrnamt>182400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>172400</Sole>
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      <None>7</None>
    </votingAuthority>
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    <nameOfIssuer>SANCHEZ ENERGY C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79970Y105</cusip>
    <value>729</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29750</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29750</Sole>
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      <None>3</None>
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  <infoTable>
    <nameOfIssuer>SANDY SPRING BAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>800363103</cusip>
    <value>1080</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38300</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANFILIPPO (JOHN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>800422107</cusip>
    <value>3259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>132038</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>125438</Sole>
      <Shared>6600</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANMINA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>801056102</cusip>
    <value>7687</value>
    <shrsOrPrnAmt>
      <sshPrnamt>460300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>460300</Sole>
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      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SARATOGA RES/TEX</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803521103</cusip>
    <value>111</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80000</Sole>
      <Shared>17300</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCANSOURCE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806037107</cusip>
    <value>3271</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76000</Sole>
      <Shared>1100</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHAWK INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806373106</cusip>
    <value>689</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46366</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46366</Sole>
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      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>20676</value>
    <shrsOrPrnAmt>
      <sshPrnamt>229450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>229450</Sole>
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      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHOLASTIC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>807066105</cusip>
    <value>1723</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50650</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHULMAN (A)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808194104</cusip>
    <value>4094</value>
    <shrsOrPrnAmt>
      <sshPrnamt>116100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>116100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCICLONE PHARM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80862K104</cusip>
    <value>563</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111750</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEACOAST BANK/FL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811707801</cusip>
    <value>999</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81895</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68795</Sole>
      <Shared>13100</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEACOR HOLDINGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811904101</cusip>
    <value>620</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGATE TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7945M107</cusip>
    <value>7537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>132600</Sole>
      <Shared>1600</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEALED AIR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81211K100</cusip>
    <value>10041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>294900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>292200</Sole>
      <Shared>2700</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEARS HOMETOWN A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>812362101</cusip>
    <value>217</value>
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      <sshPrnamt>8500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8500</Sole>
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      <None>1</None>
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  <infoTable>
    <nameOfIssuer>SECURITY NATL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>814785309</cusip>
    <value>1027</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213000</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SELECT INS GRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816300107</cusip>
    <value>5400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>199550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>199550</Sole>
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      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SELECT MEDICAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81619Q105</cusip>
    <value>6099</value>
    <shrsOrPrnAmt>
      <sshPrnamt>525320</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>525320</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SENECA FOODS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>817070501</cusip>
    <value>1319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41350</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SENOMYX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81724Q107</cusip>
    <value>156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>30800</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SENSIENT TECHNOL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81725T100</cusip>
    <value>1829</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37700</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SHENANDOAH TELEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82312B106</cusip>
    <value>547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21300</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SHERWIN WILLIAMS CO COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824348106</cusip>
    <value>5799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31600</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SHILOH INDS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824543102</cusip>
    <value>1678</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>86050</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SHIP FINANCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G81075106</cusip>
    <value>326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHORE BANCSHARES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>825107105</cusip>
    <value>425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46112</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46112</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHORETEL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>825211105</cusip>
    <value>4602</value>
    <shrsOrPrnAmt>
      <sshPrnamt>495900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>457900</Sole>
      <Shared>38000</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SI FINANCIAL GRO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78425V104</cusip>
    <value>594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49276</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49276</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SIERRA BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82620P102</cusip>
    <value>1459</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>81300</Sole>
      <Shared>9400</Shared>
      <None>7</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SIGA TECH INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826917106</cusip>
    <value>568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>153700</Sole>
      <Shared>19900</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SIGMA DESIGNS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826565103</cusip>
    <value>904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>191600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>168100</Sole>
      <Shared>23500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIGMA-ALDRICH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826552101</cusip>
    <value>4024</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SIMPLICITY BANCO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828867101</cusip>
    <value>907</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56114</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56114</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SINC.LAIR BROAD-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>829226109</cusip>
    <value>532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14900</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKECHERS USA-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>830566105</cusip>
    <value>1966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59350</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKILLED HEALTHCA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83066R107</cusip>
    <value>1670</value>
    <shrsOrPrnAmt>
      <sshPrnamt>347098</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>347098</Sole>
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      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKYPEOPLE FRUIT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83086T208</cusip>
    <value>309</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKYWEST INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>830879102</cusip>
    <value>6494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>437900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>432800</Sole>
      <Shared>5100</Shared>
      <None>16</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SL INDS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784413106</cusip>
    <value>564</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20800</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SLM CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78442P106</cusip>
    <value>5829</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>218400</Sole>
      <Shared>3400</Shared>
      <None>14</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SMART TECHNOL-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83172R108</cusip>
    <value>426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>194300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>194300</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SMITH &amp; WESSON H</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>831756101</cusip>
    <value>544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SMITH MICRO SOFTWARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>832154108</cusip>
    <value>186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>125400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SMTC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>832682207</cusip>
    <value>200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNAP-ON INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>833034101</cusip>
    <value>7480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOLAR SENIOR CAP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83416M105</cusip>
    <value>1598</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOLTA MEDICAL IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83438K103</cusip>
    <value>507</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>171700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONY CORP.-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>835699307</cusip>
    <value>2460</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>138000</Sole>
      <Shared>4300</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SORL AUTO PARTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78461U101</cusip>
    <value>717</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>164800</Sole>
      <Shared>15300</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHCOAST FIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84129R100</cusip>
    <value>316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49500</Sole>
      <Shared>5000</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN FIRST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842873101</cusip>
    <value>398</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN NATIONA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>843395104</cusip>
    <value>1060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105892</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90892</Sole>
      <Shared>15000</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHSIDE BAN IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84470P109</cusip>
    <value>688</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25147</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25147</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>844741108</cusip>
    <value>14637</value>
    <shrsOrPrnAmt>
      <sshPrnamt>776900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>772300</Sole>
      <Shared>4600</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWEST BAN/OK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>844767103</cusip>
    <value>2283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>129900</Sole>
      <Shared>13500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPANSION INC.-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84649R200</cusip>
    <value>5443</value>
    <shrsOrPrnAmt>
      <sshPrnamt>391900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>388400</Sole>
      <Shared>3500</Shared>
      <None>15</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPARK NETWORKS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84651P100</cusip>
    <value>399</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPARTAN MTRS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>846819100</cusip>
    <value>1298</value>
    <shrsOrPrnAmt>
      <sshPrnamt>193700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>172100</Sole>
      <Shared>21600</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPARTAN STORES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>846822104</cusip>
    <value>5881</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242220</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>234660</Sole>
      <Shared>7560</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPARTON CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>847235108</cusip>
    <value>1780</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPEED COMMERCE I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84764T106</cusip>
    <value>2565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>549350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>549350</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPEEDWAY MOTORSP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>847788106</cusip>
    <value>2911</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>146650</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPLUNK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>848637104</cusip>
    <value>3124</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44200</Sole>
      <Shared>1300</Shared>
      <None>12</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STANLEY FURNITUR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>854305208</cusip>
    <value>721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>187783</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>187783</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARBUCKS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855244109</cusip>
    <value>2924</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37300</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARTEK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85569C107</cusip>
    <value>598</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92100</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATE AUTO FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855707105</cusip>
    <value>399</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATE BANK FINAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>856190103</cusip>
    <value>2072</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113884</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113884</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATE ST CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>2510</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34200</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEIN MART INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858375108</cusip>
    <value>2812</value>
    <shrsOrPrnAmt>
      <sshPrnamt>209050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209050</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STELLARONE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85856G100</cusip>
    <value>2956</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STERLING CONSTRU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>859241101</cusip>
    <value>1169</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>99700</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEWART INFO SVC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>860372101</cusip>
    <value>5460</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169200</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>861642106</cusip>
    <value>7017</value>
    <shrsOrPrnAmt>
      <sshPrnamt>202866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>200566</Sole>
      <Shared>2300</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONERIDGE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86183P102</cusip>
    <value>1756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137744</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137744</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STR HOLDINGS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78478V100</cusip>
    <value>314</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>200000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRAIGHT PATH-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>862578101</cusip>
    <value>403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43220</Sole>
      <Shared>5950</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRATTEC SEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863111100</cusip>
    <value>1987</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38880</Sole>
      <Shared>5600</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRATUS PROP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863167201</cusip>
    <value>636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37150</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STURM RUGER &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>864159108</cusip>
    <value>526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUCAMPO PHA-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>864909106</cusip>
    <value>1227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107500</Sole>
      <Shared>23000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUFFOLK BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>864739107</cusip>
    <value>2496</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119996</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>110896</Sole>
      <Shared>9100</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUMMER INFANT IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>865646103</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUMMIT STATE BANK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>866264203</cusip>
    <value>116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUN BANCORP.-NJ</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86663B102</cusip>
    <value>796</value>
    <shrsOrPrnAmt>
      <sshPrnamt>226100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>226100</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNCOKE ENERGY I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86722A103</cusip>
    <value>1540</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67500</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNPOWER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>867652406</cusip>
    <value>560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERIOR INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868168105</cusip>
    <value>594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERNUS PHARMAC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868459108</cusip>
    <value>377</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERTEX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868532102</cusip>
    <value>654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26119</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26119</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPPORT COM INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86858W101</cusip>
    <value>648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170845</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>139345</Sole>
      <Shared>31500</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPREME INDS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868607102</cusip>
    <value>386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66255</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66255</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUSQUEHAN BNCSHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>869099101</cusip>
    <value>1570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUTOR TECHNOLOGY GROUP LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>869362103</cusip>
    <value>247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>135200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SWS GROUP INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78503N107</cusip>
    <value>1158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>190500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169200</Sole>
      <Shared>21300</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SYKES ENTERPRISE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871237103</cusip>
    <value>3170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>145350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>145350</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYMETRA FINANCIA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87151Q106</cusip>
    <value>2712</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>143050</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYMMETRY MEDICAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871546206</cusip>
    <value>1792</value>
    <shrsOrPrnAmt>
      <sshPrnamt>177800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>177800</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNACOR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871561106</cusip>
    <value>441</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>180000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNALLOY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871565107</cusip>
    <value>390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNNEX CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87162W100</cusip>
    <value>5028</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74600</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNOPSYS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871607107</cusip>
    <value>3002</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNTA PHARMACEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87162T206</cusip>
    <value>188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNTEL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87162H103</cusip>
    <value>564</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNTHETIC BIOLOG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87164U102</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNUTRA INTERNAT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87164C102</cusip>
    <value>222</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYPRIS SOLUTIONS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871655106</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYSCO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>2332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64590</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64590</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAL INTERNATIONA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>874083108</cusip>
    <value>1118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19500</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGACEPT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87611R306</cusip>
    <value>449</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>108300</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TECHE HOLDING CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>878330109</cusip>
    <value>720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14440</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14440</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TECHTARGET</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87874R100</cusip>
    <value>1025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>149400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TECUMSEH PROD-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>878895200</cusip>
    <value>794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87700</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEEKAY TANK-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y8565N102</cusip>
    <value>318</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELE SYSTEMS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87929J103</cusip>
    <value>2689</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1159177</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1131177</Sole>
      <Shared>28000</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELENAV INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879455103</cusip>
    <value>1239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>188000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>188000</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEL-INSTRUM ELEC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879165207</cusip>
    <value>83</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TENET HEALTHCARE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88033G407</cusip>
    <value>2494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57200</Sole>
      <Shared>2000</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TERRITORIAL BANCORP INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88145X108</cusip>
    <value>2327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96300</Sole>
      <Shared>4000</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TESORO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>881609101</cusip>
    <value>6520</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>110150</Sole>
      <Shared>1300</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TESSCO TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872386107</cusip>
    <value>3244</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74550</Sole>
      <Shared>5900</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEXAS ROADHOUS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>882681109</cusip>
    <value>498</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TF FINANCIAL CRP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872391107</cusip>
    <value>373</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13241</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13241</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TGC INDUSTRIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872417308</cusip>
    <value>921</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126167</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>106102</Sole>
      <Shared>20065</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THESTREET</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88368Q103</cusip>
    <value>630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>278800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>230600</Sole>
      <Shared>48200</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TIMBERLAND BANCP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>887098101</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40222</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40222</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TIME WARNER CABL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88732J207</cusip>
    <value>3848</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27500</Sole>
      <Shared>900</Shared>
      <None>13</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TITAN INTL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88830M102</cusip>
    <value>953</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TJX COS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872540109</cusip>
    <value>3849</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60400</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TOMPKINS FINANCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>890110109</cusip>
    <value>1103</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21458</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21458</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TORCHMARK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>891027104</cusip>
    <value>3251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TOWER INTERNATIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>891826109</cusip>
    <value>747</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34900</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TOWN SPORTS INTE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89214A102</cusip>
    <value>902</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61087</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61087</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRANS WORLD ENTM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89336Q100</cusip>
    <value>614</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138803</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>138803</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRANSACT TECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>892918103</cusip>
    <value>323</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25800</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRANSCEPT PHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89354M106</cusip>
    <value>225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67000</Sole>
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      <None>3</None>
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    <nameOfIssuer>TRAVELCENTERS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>894174101</cusip>
    <value>3611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>361750</Sole>
      <Shared>9000</Shared>
      <None>6</None>
    </votingAuthority>
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    <nameOfIssuer>TRAVELERS COMPANIES INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89417E109</cusip>
    <value>3567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39400</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRC COS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872625108</cusip>
    <value>468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65600</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TREDEGAR CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>894650100</cusip>
    <value>2336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>81100</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TREE.COM INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>894675107</cusip>
    <value>1309</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39850</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>TRICO BANCSHARES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896095106</cusip>
    <value>2767</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97550</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97550</Sole>
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      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>TRIPLE-S MGMT-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896749108</cusip>
    <value>1938</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>99700</Sole>
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      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRUEBLUE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89785X101</cusip>
    <value>552</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21400</Sole>
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      <None>1</None>
    </votingAuthority>
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    <nameOfIssuer>TRUNKBOW INTERNA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89818A102</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29900</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRUSTMARK CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>898402102</cusip>
    <value>2467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91900</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRW AUTOMOTIVE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87264S106</cusip>
    <value>3273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TTM TECHNOLOGIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87305R109</cusip>
    <value>1694</value>
    <shrsOrPrnAmt>
      <sshPrnamt>197450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>197450</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TUCOWS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>898697107</cusip>
    <value>996</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71150</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TUESDAY MORNING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>899035505</cusip>
    <value>1088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68150</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TUTOR PERINI COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>901109108</cusip>
    <value>644</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TWENTY-FIRST CEN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90130A101</cusip>
    <value>10659</value>
    <shrsOrPrnAmt>
      <sshPrnamt>303080</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>303080</Sole>
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      <None>12</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TWIN DISC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>901476101</cusip>
    <value>766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29600</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TYSON FOODS-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902494103</cusip>
    <value>3818</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>114100</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UBIQUITI NETWORK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90347A100</cusip>
    <value>630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13700</Sole>
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      <None>1</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ULTRA CLEAN HOLD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90385V107</cusip>
    <value>2319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>231177</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>216477</Sole>
      <Shared>14700</Shared>
      <None>6</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ULTRALIFE CORP COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>903899102</cusip>
    <value>58</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16300</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UMB FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902788108</cusip>
    <value>2565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39900</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UMPQUA HOLDINGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904214103</cusip>
    <value>648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33830</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33830</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNIFI INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904677200</cusip>
    <value>2403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88200</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNION PAC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>4771</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28400</Sole>
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      <None>13</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNISYS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>909214306</cusip>
    <value>7150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>208600</Sole>
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      <None>16</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED BANKSHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>909907107</cusip>
    <value>2686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85400</Sole>
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      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED COMMTY FI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>909839102</cusip>
    <value>975</value>
    <shrsOrPrnAmt>
      <sshPrnamt>273055</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>246555</Sole>
      <Shared>26500</Shared>
      <None>6</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED COMMUNITY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90984R101</cusip>
    <value>1976</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122370</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122370</Sole>
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      <None>6</None>
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  <infoTable>
    <nameOfIssuer>UNITED FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91030T109</cusip>
    <value>210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11140</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2453</Sole>
      <Shared>8687</Shared>
      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED FIRE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>910340108</cusip>
    <value>3431</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119700</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED GUARDIAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>910571108</cusip>
    <value>282</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED INSURANCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>910710102</cusip>
    <value>1354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96150</Sole>
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      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED ONLINE INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911268209</cusip>
    <value>1156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84021</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84021</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911312106</cusip>
    <value>20197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192203</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>192203</Sole>
      <Shared>0</Shared>
      <None>9</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED RENTALS INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911363109</cusip>
    <value>6501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>82100</Sole>
      <Shared>1300</Shared>
      <None>12</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED SECURI/CA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911460103</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20324</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>20324</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED TECH CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>20253</value>
    <shrsOrPrnAmt>
      <sshPrnamt>177970</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>177970</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITEK GLOBAL SE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324T302</cusip>
    <value>26</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNIVERSAL AMERIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91338E101</cusip>
    <value>421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57625</Sole>
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    <nameOfIssuer>UNIVERSAL INSURA</nameOfIssuer>
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      <sshPrnamt>564757</sshPrnamt>
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    <nameOfIssuer>UNIVERSAL STAINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>549</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15228</sshPrnamt>
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    <votingAuthority>
      <Sole>15228</Sole>
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    <nameOfIssuer>UNIVERSAL TECHNI</nameOfIssuer>
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    <value>330</value>
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    <votingAuthority>
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    <nameOfIssuer>UNIVEST CORP./PA</nameOfIssuer>
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    <nameOfIssuer>UNWIRED PLANET I</nameOfIssuer>
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    <value>433</value>
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    <votingAuthority>
      <Sole>9600</Sole>
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    <nameOfIssuer>URANERZ ENERGY C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91688T104</cusip>
    <value>670</value>
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      <sshPrnamt>523800</sshPrnamt>
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    <votingAuthority>
      <Sole>523800</Sole>
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    <nameOfIssuer>URANIUM ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>455</value>
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      <sshPrnamt>227600</sshPrnamt>
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    <votingAuthority>
      <Sole>227600</Sole>
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    <nameOfIssuer>US ANTIMONY CORP</nameOfIssuer>
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    <value>683</value>
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      <sshPrnamt>346511</sshPrnamt>
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      <Sole>346511</Sole>
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    <nameOfIssuer>US AUTO PARTS NE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90343C100</cusip>
    <value>135</value>
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      <sshPrnamt>54451</sshPrnamt>
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    <votingAuthority>
      <Sole>54451</Sole>
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    <nameOfIssuer>US BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902973304</cusip>
    <value>3733</value>
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      <sshPrnamt>92400</sshPrnamt>
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    <votingAuthority>
      <Sole>92400</Sole>
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    <nameOfIssuer>US CONCRETE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90333L201</cusip>
    <value>339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
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      <None>1</None>
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  <infoTable>
    <nameOfIssuer>US ENERGY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911805109</cusip>
    <value>571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>151900</sshPrnamt>
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    <votingAuthority>
      <Sole>151900</Sole>
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    <nameOfIssuer>US LIME &amp; MINERA</nameOfIssuer>
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    <cusip>911922102</cusip>
    <value>856</value>
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      <sshPrnamt>14000</sshPrnamt>
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    <votingAuthority>
      <Sole>11400</Sole>
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    <nameOfIssuer>USA MOBILITY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90341G103</cusip>
    <value>1786</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125059</sshPrnamt>
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    <votingAuthority>
      <Sole>125059</Sole>
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    <nameOfIssuer>USA TECHNOLOGIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90328S500</cusip>
    <value>202</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111400</Sole>
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    <nameOfIssuer>USA TRUCK INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902925106</cusip>
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      <sshPrnamt>156871</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>156871</Sole>
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    <nameOfIssuer>USANA HEALTH SCI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90328M107</cusip>
    <value>544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7200</Sole>
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      <None>1</None>
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    <nameOfIssuer>UTAH MEDICAL PRO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>917488108</cusip>
    <value>2075</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36300</Sole>
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    <nameOfIssuer>UTSTARCOM HLDGS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G9310A114</cusip>
    <value>252</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91066</Sole>
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      <None>1</None>
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    <nameOfIssuer>VAALCO ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91851C201</cusip>
    <value>689</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
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    <votingAuthority>
      <Sole>100000</Sole>
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    <nameOfIssuer>VALERO ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91913Y100</cusip>
    <value>9102</value>
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      <sshPrnamt>180600</sshPrnamt>
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    <votingAuthority>
      <Sole>178300</Sole>
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    <nameOfIssuer>VALUEVISION ME-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92047K107</cusip>
    <value>1407</value>
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      <sshPrnamt>201286</sshPrnamt>
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    <votingAuthority>
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    <nameOfIssuer>VANDA PHARMACEUT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921659108</cusip>
    <value>3079</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>231500</Sole>
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      <None>4</None>
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    <nameOfIssuer>VANGUARD INFLATION-PROTECTED S</nameOfIssuer>
    <titleOfClass>MFO</titleOfClass>
    <cusip>922031737</cusip>
    <value>715</value>
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      <sshPrnamt>28088</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28088</Sole>
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      <None>5</None>
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    <nameOfIssuer>VANGUARD SHORT-TERM INVESTMENT</nameOfIssuer>
    <titleOfClass>MFO</titleOfClass>
    <cusip>922031836</cusip>
    <value>1025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95784</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95784</Sole>
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      <None>7</None>
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    <nameOfIssuer>VASCULAR SOLUTIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92231M109</cusip>
    <value>1315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56800</sshPrnamt>
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    <votingAuthority>
      <Sole>49300</Sole>
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      <None>2</None>
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    <nameOfIssuer>VERASTEM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92337C104</cusip>
    <value>570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
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      <None>1</None>
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    <nameOfIssuer>VERIZON COMMUNIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>25043</value>
    <shrsOrPrnAmt>
      <sshPrnamt>509629</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>507929</Sole>
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      <None>26</None>
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    <nameOfIssuer>VERSAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>925297103</cusip>
    <value>376</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77900</sshPrnamt>
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    <votingAuthority>
      <Sole>77900</Sole>
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  <infoTable>
    <nameOfIssuer>VIAD CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92552R406</cusip>
    <value>836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30100</Sole>
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      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>VIASYSTEMS GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92553H803</cusip>
    <value>2635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>181600</Sole>
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      <None>4</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VICAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>925602104</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84976</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>84976</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VIRGINIA COMM BANCORP INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92778Q109</cusip>
    <value>391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23000</Sole>
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      <None>1</None>
    </votingAuthority>
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    <nameOfIssuer>VISA INC.-CLASS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826C839</cusip>
    <value>26772</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120225</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120225</Sole>
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      <None>13</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VISHAY INTERTECH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>928298108</cusip>
    <value>530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
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      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VISHAY PRECI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92835K103</cusip>
    <value>1918</value>
    <shrsOrPrnAmt>
      <sshPrnamt>128815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120015</Sole>
      <Shared>8800</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VISTEON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92839U206</cusip>
    <value>500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>1100</Shared>
      <None>13</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VITACOST.COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92847A200</cusip>
    <value>774</value>
    <shrsOrPrnAmt>
      <sshPrnamt>133700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>133700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VITESSE SEMICONDUCTOR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>928497304</cusip>
    <value>560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>191850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>191850</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VONAGE HOLDINGS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92886T201</cusip>
    <value>181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54300</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VOXX INTL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91829F104</cusip>
    <value>2269</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135851</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130851</Sole>
      <Shared>5000</Shared>
      <None>7</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VRINGO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92911N104</cusip>
    <value>444</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VSE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>918284100</cusip>
    <value>3237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67430</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63730</Sole>
      <Shared>3700</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>W&amp;T OFFSHORE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92922P106</cusip>
    <value>4568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>285500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>285500</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WAL MART STORES INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>19217</value>
    <shrsOrPrnAmt>
      <sshPrnamt>244209</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>244209</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WALT DISNEY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>19683</value>
    <shrsOrPrnAmt>
      <sshPrnamt>257635</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>257635</Sole>
      <Shared>0</Shared>
      <None>10</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WARREN RESOURCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>93564A100</cusip>
    <value>2068</value>
    <shrsOrPrnAmt>
      <sshPrnamt>658480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>623980</Sole>
      <Shared>34500</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WASH BANKING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>937303105</cusip>
    <value>2308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121700</Sole>
      <Shared>8500</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATERS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>941848103</cusip>
    <value>2720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27200</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATERSTONE FINAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>941888109</cusip>
    <value>593</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53416</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43355</Sole>
      <Shared>10061</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATSCO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>942622200</cusip>
    <value>548</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5700</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEBSTER FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>947890109</cusip>
    <value>2823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90540</Sole>
      <Shared>0</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEIS MARKETS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>948849104</cusip>
    <value>4197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>79850</Sole>
      <Shared>0</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WELLPOINT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>94973V107</cusip>
    <value>4898</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53010</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53010</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WELLS FARGO &amp; CO NEW COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>949746101</cusip>
    <value>25709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>566280</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>564480</Sole>
      <Shared>1800</Shared>
      <None>22</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESBANCO INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>950810101</cusip>
    <value>3212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100390</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100390</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEST BANCORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>95123P106</cusip>
    <value>989</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62544</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48200</Sole>
      <Shared>14344</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEST MARINE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>954235107</cusip>
    <value>1961</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137811</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130179</Sole>
      <Shared>7632</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTAMERICA BANC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>957090103</cusip>
    <value>1790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31700</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTELL TECH-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>957541105</cusip>
    <value>1017</value>
    <shrsOrPrnAmt>
      <sshPrnamt>251200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209500</Sole>
      <Shared>41700</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTERN DIGITAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>958102105</cusip>
    <value>11654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>137700</Sole>
      <Shared>1200</Shared>
      <None>17</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTERN UNION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>959802109</cusip>
    <value>5803</value>
    <shrsOrPrnAmt>
      <sshPrnamt>336400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>330700</Sole>
      <Shared>5700</Shared>
      <None>18</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTFIELD FIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>96008P104</cusip>
    <value>1389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>186181</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>170181</Sole>
      <Shared>16000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTMORELAND COA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>960878106</cusip>
    <value>1880</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97475</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85175</Sole>
      <Shared>12300</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WHITESTONE REI-B</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>966084204</cusip>
    <value>1029</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77000</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WHITING PETROLEU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>966387102</cusip>
    <value>3752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60650</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WILLIS LEASE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>970646105</cusip>
    <value>1360</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68350</Sole>
      <Shared>10000</Shared>
      <None>6</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WINNEBAGO INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>974637100</cusip>
    <value>425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15500</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WINTHROP REALTY</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>976391300</cusip>
    <value>750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67900</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WINTRUST FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>97650W108</cusip>
    <value>4852</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>105200</Sole>
      <Shared>0</Shared>
      <None>5</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WOLVERINE WORLD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>978097103</cusip>
    <value>3233</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92500</Sole>
      <Shared>2700</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WR BERKLEY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084423102</cusip>
    <value>3484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80300</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WSFS FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929328102</cusip>
    <value>932</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12020</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12020</Sole>
      <Shared>0</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XCEL ENERGY INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98389B100</cusip>
    <value>1995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71400</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XENOPORT INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98411C100</cusip>
    <value>1024</value>
    <shrsOrPrnAmt>
      <sshPrnamt>178000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>153000</Sole>
      <Shared>25000</Shared>
      <None>4</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XERIUM TECHNOLOG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98416J118</cusip>
    <value>928</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41250</Sole>
      <Shared>15000</Shared>
      <None>3</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XEROX CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>984121103</cusip>
    <value>7965</value>
    <shrsOrPrnAmt>
      <sshPrnamt>654500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>644200</Sole>
      <Shared>10300</Shared>
      <None>14</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XILINX INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>983919101</cusip>
    <value>1502</value>
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      <sshPrnamt>32700</sshPrnamt>
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      <Sole>32700</Sole>
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      <None>3</None>
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    <nameOfIssuer>XO GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>983772104</cusip>
    <value>815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54813</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54813</Sole>
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      <None>1</None>
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    <nameOfIssuer>XOMA LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98419J107</cusip>
    <value>1656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>246000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>246000</Sole>
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      <None>3</None>
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    <nameOfIssuer>XYRATEX LTD.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G98268108</cusip>
    <value>1681</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>126500</Sole>
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      <None>1</None>
    </votingAuthority>
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    <nameOfIssuer>YADKIN FINANCIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>984305102</cusip>
    <value>1988</value>
    <shrsOrPrnAmt>
      <sshPrnamt>116685</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>116685</Sole>
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      <None>6</None>
    </votingAuthority>
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    <nameOfIssuer>YELP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>985817105</cusip>
    <value>565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8200</Sole>
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      <None>1</None>
    </votingAuthority>
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    <nameOfIssuer>YORK WATER CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>987184108</cusip>
    <value>1608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76850</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69850</Sole>
      <Shared>7000</Shared>
      <None>2</None>
    </votingAuthority>
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    <nameOfIssuer>YRC WORLDWIDE IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>984249607</cusip>
    <value>639</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36800</Sole>
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      <None>1</None>
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    <nameOfIssuer>ZAGG INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98884U108</cusip>
    <value>438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100600</Sole>
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      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ZALE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>988858106</cusip>
    <value>3332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>211300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>201400</Sole>
      <Shared>9900</Shared>
      <None>5</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ZION OIL &amp; GAS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>989696109</cusip>
    <value>114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>81200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
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    <nameOfIssuer>ZIPREALTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98974V107</cusip>
    <value>560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>2</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZIX CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98974P100</cusip>
    <value>1068</value>
    <shrsOrPrnAmt>
      <sshPrnamt>234182</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>192682</Sole>
      <Shared>41500</Shared>
      <None>4</None>
    </votingAuthority>
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    <nameOfIssuer>ZOGENIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98978L105</cusip>
    <value>1130</value>
    <shrsOrPrnAmt>
      <sshPrnamt>328400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>256200</Sole>
      <Shared>72200</Shared>
      <None>2</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ZYGO CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>989855101</cusip>
    <value>579</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39200</Sole>
      <Shared>0</Shared>
      <None>1</None>
    </votingAuthority>
  </infoTable>
</informationTable>
