The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLEGIANT TRAVEL CO COM 01748X102 14,207 79,871 SH   SOLE   79,581 0 290
ALLIANCE DATA SYS CORP COM COM 018581108 35,388 121,215 SH   SOLE   112,272 0 8,943
ALLIANCEBERNSTEIN HLDG UNIT LT COM 01881G106 341 11,550 SH   SOLE   2,650 0 8,900
AMERICAN AXLE & MFG COM COM 024061103 17,074 816,570 SH   SOLE   747,670 0 68,900
AMERICAN CAPITAL LTD COM 02503Y103 141 10,400 SH   SOLE   1,100 0 9,300
AMERICAN CAPITAL LTD COM 02503Y103 27 2,000 SH Call SOLE   2,000 0 0
ARRIS GROUP INC NEW COM COM 04270V106 18,163 593,570 SH   SOLE   562,480 0 31,090
ASBURY AUTOMOTIVE GP COM COM 043436104 7,757 85,595 SH   SOLE   77,010 0 8,585
Annaly Capital Management COM 035710409 2,356 256,355 SH   SOLE   145,705 0 110,650
Annaly Capital Management COM 035710409 2,001 217,700 SH Call SOLE   125,200 0 92,500
Apple Computer Inc. COM 037833100 18,946 151,058 SH   SOLE   140,721 0 10,337
BELLATRIX EXPLORATION COM COM 078314101 1,867 801,100 SH   SOLE   786,755 0 14,345
BOARDWALK PIPELIN PTNR UT LTD COM 096627104 1,002 69,000 SH   SOLE   13,900 0 55,100
Baker Hughes Inc. COM 057224107 6,870 111,340 SH   SOLE   93,280 0 18,060
Bristol Myers Squibb COM 110122108 14,081 211,620 SH   SOLE   198,515 0 13,105
CELANESE CORP-SERIES A COM 150870103 19,297 268,460 SH   SOLE   249,745 0 18,715
Cisco Systems Inc COM 17275R102 35 1,290 SH   SOLE   0 0 1,290
Cisco Systems Inc COM 17275R102 1,516 55,200 SH Call SOLE   12,200 0 43,000
Cisco Systems Inc COM 17275R102 357 13,000 SH Call SOLE   3,000 0 10,000
DISCOVER FINL SVCS COM COM 254709108 12,238 212,400 SH   SOLE   191,490 0 20,910
DSP GROUP INC COM COM 23332B106 190 18,350 SH   SOLE   2,960 0 15,390
Delta Air Lines COM 247361702 10,903 265,400 SH   SOLE   245,970 0 19,430
ELDORADO GOLD CORP NEW COM COM 284902103 102 24,685 SH   SOLE   4,825 0 19,860
EPIZYME INC COM COM 29428V104 1,245 51,860 SH   SOLE   50,000 0 1,860
EZCHIP SEMICONDUCTOR COM M4146Y108 4,627 289,891 SH   SOLE   257,341 0 32,550
Exxon Mobil Corp. COM 30231G102 433 5,200 SH Put SOLE   1,200 0 4,000
FLYHT AEROSPACE SOLUTI COM COM 30252U105 4 22,000 SH   SOLE   0 0 22,000
GENWORTH FINL INC COM CL A COM 37247D106 185 24,400 SH   SOLE   4,400 0 20,000
GILEAD SCIENCES INC COM COM 375558103 25,596 218,620 SH   SOLE   201,635 0 16,985
General Motors Co. COM 37045V100 2,316 69,500 SH   SOLE   40,665 0 28,835
General Motors Co. COM 37045V100 11,819 354,600 SH Call SOLE   309,600 0 45,000
General Motors Co. COM 37045V100 167 5,000 SH Call SOLE   1,000 0 4,000
HANESBRANDS INC COM COM 410345102 17,001 510,225 SH   SOLE   428,845 0 81,380
HEAT BIOLOGICS INC COM COM 42237K102 60 10,005 SH   SOLE   0 0 10,005
Halliburton Co. COM 406216101 4,748 110,250 SH   SOLE   102,050 0 8,200
INNOVATIVE SOLTNS&SUPP COM COM 45769N105 1,085 328,729 SH   SOLE   328,729 0 0
J.P. Morgan Chase & Co. COM 46625H100 24,164 356,605 SH   SOLE   337,115 0 19,490
LINCOLN NATL CORP IND COM COM 534187109 12,348 208,505 SH   SOLE   208,115 0 390
MACROGENICS INC COM COM 556099109 2,525 66,500 SH   SOLE   52,775 0 13,725
MEDTRONIC PLC COM G5960L103 12,875 173,750 SH   SOLE   159,409 0 14,341
Microsoft Corp COM 594918104 12,828 290,555 SH   SOLE   262,160 0 28,395
Morgan Stanley COM 617446448 12,428 320,400 SH   SOLE   311,725 0 8,675
Morgan Stanley COM 617446448 39 1,000 SH Call SOLE   1,000 0 0
NEUSTAR INC CL A COM 64126X201 8,973 307,190 SH   SOLE   276,460 0 30,730
NOBLE CORP PLC COM G65431101 210 13,650 SH   SOLE   2,520 0 11,130
ON SEMICONDUCTOR CORP COM COM 682189105 14,827 1,268,385 SH   SOLE   1,169,590 0 98,795
OUTERWALL INC COM COM 690070107 7,515 98,745 SH   SOLE   90,910 0 7,835
PAN AMERICAN SILVER CP COM COM 697900108 89 10,360 SH   SOLE   1,860 0 8,500
Pfizer Inc COM 717081103 1,288 38,409 SH   SOLE   17,274 0 21,135
Pulte Homes, Inc. COM 745867101 488 24,200 SH   SOLE   5,200 0 19,000
Pulte Homes, Inc. COM 745867101 262 13,000 SH Call SOLE   3,000 0 10,000
QUANTUM FUEL SYS TECH COM NEW COM 74765E307 44 20,000 SH   SOLE   5,000 0 15,000
QUICKLOGIC CORP COM COM 74837P108 162 101,775 SH   SOLE   70,000 0 31,775
REX ENERGY CORP COM 761565100 6,081 1,087,755 SH   SOLE   1,050,275 0 37,480
Rush Enterprises CLA COM 781846209 10,091 385,002 SH   SOLE   385,002 0 0
Rush Enterprises CLB COM 781846308 2,276 94,852 SH   SOLE   81,332 0 13,520
SPIRIT AIRLS INC COM COM 848577102 10,585 170,454 SH   SOLE   149,864 0 20,590
State Street Corp COM 857477103 10,457 135,807 SH   SOLE   121,617 0 14,190
TEEKAY TANKERS LTD CL A COM Y8565N102 313 47,400 SH   SOLE   40,255 0 7,145
TEVA PHARMACEUTCL INDS ADR COM 881624209 10,456 176,915 SH   SOLE   167,250 0 9,665
UNIVERSAL DISPLAY CORP COM COM 91347P105 9,617 185,915 SH   SOLE   180,035 0 5,880
WCI CMNTYS INC COM PAR $0.01 COM 92923C807 8,750 358,744 SH   SOLE   302,325 0 56,419
ZIX CORP COM COM 98974P100 67 13,055 SH   SOLE   0 0 13,055
DIANA SHIPPING INC PERP PFD SE PFD Y2066G112 313 12,530 SH   SOLE   2,320 0 10,210
MAGNUM HUNTER RES CORP CUM PFD PFD 55973B300 591 18,845 SH   SOLE   4,280 0 14,565
POWERSHARES ETF TR II ASIA PAC ETF 73937B753 4,998 202,010 SH   SOLE   147,240 0 54,770
POWERSHARES ETF TRUST DYNA BUY ETF 73935X286 5,855 120,445 SH   SOLE   103,835 0 16,610
SPDR TR Series 1 ETF 78462F103 1,276 6,200 SH Put SOLE   1,200 0 5,000
WISDOMTREE TR EUROPE HEDGED EQ ETF 97717X701 14,119 229,245 SH   SOLE   211,490 0 17,755
DOUBLELINE INCOME SOLU COM CF 258622109 667 33,720 SH   SOLE   6,720 0 27,000
PEABODY ENERGY CONV 704549AG9 336 1,990,000 PRN   SOLE   370,000 0 1,620,000
CELGENE CORP-CVR RT 151020112 26 12,585 SH   SOLE   0 0 12,585