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    <nameOfIssuer>ARDMORE SHIPPING CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y0207T100</cusip>
    <value>6240</value>
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      <Sole>593099</Sole>
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      <None>186922</None>
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  <infoTable>
    <nameOfIssuer>ATLAS AIR WORLDWIDE HLDGS IN</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>049164205</cusip>
    <value>3937</value>
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      <sshPrnamt>67137</sshPrnamt>
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      <Sole>47335</Sole>
      <Shared>0</Shared>
      <None>19802</None>
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    <nameOfIssuer>AUTOWEB INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05335B100</cusip>
    <value>4622</value>
    <shrsOrPrnAmt>
      <sshPrnamt>513003</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>394160</Sole>
      <Shared>0</Shared>
      <None>118843</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BANCORP INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05969A105</cusip>
    <value>4887</value>
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      <sshPrnamt>494608</sshPrnamt>
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    <votingAuthority>
      <Sole>365000</Sole>
      <Shared>0</Shared>
      <None>129608</None>
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  <infoTable>
    <nameOfIssuer>BELLATRIX EXPLORATION LTD</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>078314507</cusip>
    <value>606</value>
    <shrsOrPrnAmt>
      <sshPrnamt>352138</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>190559</Sole>
      <Shared>0</Shared>
      <None>161579</None>
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  <infoTable>
    <nameOfIssuer>BOSTON PRIVATE FINL HLDGS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101119105</cusip>
    <value>2374</value>
    <shrsOrPrnAmt>
      <sshPrnamt>153672</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>108806</Sole>
      <Shared>0</Shared>
      <None>44866</None>
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  <infoTable>
    <nameOfIssuer>BUILD A BEAR WORKSHOP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>120076104</cusip>
    <value>1595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>114587</Sole>
      <Shared>0</Shared>
      <None>58818</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CENTURY CMNTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156504300</cusip>
    <value>3129</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100602</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70968</Sole>
      <Shared>0</Shared>
      <None>29634</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHICAGO BRIDGE &amp; IRON CO N V</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>167250109</cusip>
    <value>2559</value>
    <shrsOrPrnAmt>
      <sshPrnamt>158541</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85793</Sole>
      <Shared>0</Shared>
      <None>72748</None>
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  <infoTable>
    <nameOfIssuer>COSTAMARE INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y1771G102</cusip>
    <value>2804</value>
    <shrsOrPrnAmt>
      <sshPrnamt>486071</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>336077</Sole>
      <Shared>0</Shared>
      <None>149994</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST INTERNET BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320557101</cusip>
    <value>3748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98256</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68845</Sole>
      <Shared>0</Shared>
      <None>29411</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FOGO DE CHAO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>344177100</cusip>
    <value>2853</value>
    <shrsOrPrnAmt>
      <sshPrnamt>245915</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>172983</Sole>
      <Shared>0</Shared>
      <None>72932</None>
    </votingAuthority>
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    <nameOfIssuer>FRANKLIN STREET PPTYS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35471R106</cusip>
    <value>2028</value>
    <shrsOrPrnAmt>
      <sshPrnamt>188881</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>132718</Sole>
      <Shared>0</Shared>
      <None>56163</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GAIN CAP HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36268W100</cusip>
    <value>8676</value>
    <shrsOrPrnAmt>
      <sshPrnamt>867610</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>664204</Sole>
      <Shared>0</Shared>
      <None>203406</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HERITAGE INS HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42727J102</cusip>
    <value>5890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>326909</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>246027</Sole>
      <Shared>0</Shared>
      <None>80882</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>RUSSELL 2000 ETF</titleOfClass>
    <cusip>464287655</cusip>
    <value>1063</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6974</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3774</Sole>
      <Shared>0</Shared>
      <None>3200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KVH INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>482738101</cusip>
    <value>977</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94417</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>82073</Sole>
      <Shared>0</Shared>
      <None>12344</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NEW YORK &amp; CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>649295102</cusip>
    <value>7877</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2754152</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2096057</Sole>
      <Shared>0</Shared>
      <None>658095</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTH AMERN ENERGY PARTNERS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>656844107</cusip>
    <value>3260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>658542</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>455146</Sole>
      <Shared>0</Shared>
      <None>203396</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAPA MURPHYS HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>698814100</cusip>
    <value>2917</value>
    <shrsOrPrnAmt>
      <sshPrnamt>542073</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>382260</Sole>
      <Shared>0</Shared>
      <None>159813</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PENNANTPARK INVT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>708062104</cusip>
    <value>2915</value>
    <shrsOrPrnAmt>
      <sshPrnamt>421901</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>292097</Sole>
      <Shared>0</Shared>
      <None>129804</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGIONAL MGMT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75902K106</cusip>
    <value>2180</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82824</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58327</Sole>
      <Shared>0</Shared>
      <None>24497</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>76155G206</cusip>
    <value>3421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1039630</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>781406</Sole>
      <Shared>0</Shared>
      <None>258224</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAFE BULKERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y7388L103</cusip>
    <value>2426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>751133</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>529352</Sole>
      <Shared>0</Shared>
      <None>221781</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SMART &amp; FINAL STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83190B101</cusip>
    <value>5029</value>
    <shrsOrPrnAmt>
      <sshPrnamt>588190</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>452503</Sole>
      <Shared>0</Shared>
      <None>135687</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SOLAR CAP LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83413U100</cusip>
    <value>2696</value>
    <shrsOrPrnAmt>
      <sshPrnamt>133390</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91948</Sole>
      <Shared>0</Shared>
      <None>41442</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STERLING CONSTRUCTION CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>859241101</cusip>
    <value>2221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>136380</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>99795</Sole>
      <Shared>0</Shared>
      <None>36585</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRAVELCENTERS AMER LLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>894174101</cusip>
    <value>1265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>308417</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>256807</Sole>
      <Shared>0</Shared>
      <None>51610</None>
    </votingAuthority>
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