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		<nameOfIssuer>ALLERGAN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>018490102</cusip>
		<value>421</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>026874784</cusip>
		<value>23600</value>
		<shrsOrPrnAmt>
			<sshPrnamt>527972</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>525692</Sole>
			<Shared>0</Shared>
			<None>2280</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BABCOX AND WILCOX CO NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05615F102</cusip>
		<value>4098</value>
		<shrsOrPrnAmt>
			<sshPrnamt>136475</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>136475</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>057224107</cusip>
		<value>478</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10370</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10370</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>19734</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1534562</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1528162</Sole>
			<Shared>0</Shared>
			<None>6400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAREFUSION CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14170T101</cusip>
		<value>13943</value>
		<shrsOrPrnAmt>
			<sshPrnamt>378385</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>376835</Sole>
			<Shared>0</Shared>
			<None>1550</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHEMTURA CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>163893209</cusip>
		<value>4432</value>
		<shrsOrPrnAmt>
			<sshPrnamt>218320</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>218320</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHESAPEAKE ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>165167107</cusip>
		<value>17246</value>
		<shrsOrPrnAmt>
			<sshPrnamt>846214</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>842384</Sole>
			<Shared>0</Shared>
			<None>3830</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20825C104</cusip>
		<value>343</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5664</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5664</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25179M103</cusip>
		<value>882</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16994</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16994</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXELIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30162A108</cusip>
		<value>20147</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1460965</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1455985</Sole>
			<Shared>0</Shared>
			<None>4980</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FIRST AMERN FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>31847R102</cusip>
		<value>5652</value>
		<shrsOrPrnAmt>
			<sshPrnamt>256450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>256450</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FREEPORT-MCMORAN COPPER AND GO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>35671D857</cusip>
		<value>11739</value>
		<shrsOrPrnAmt>
			<sshPrnamt>425155</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>423255</Sole>
			<Shared>0</Shared>
			<None>1900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GANNETT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>364730101</cusip>
		<value>4211</value>
		<shrsOrPrnAmt>
			<sshPrnamt>172160</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>172160</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>369604103</cusip>
		<value>22063</value>
		<shrsOrPrnAmt>
			<sshPrnamt>951401</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>947421</Sole>
			<Shared>0</Shared>
			<None>3980</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BLOCK H AND R INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>093671105</cusip>
		<value>24484</value>
		<shrsOrPrnAmt>
			<sshPrnamt>882300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>878360</Sole>
			<Shared>0</Shared>
			<None>3940</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44267D107</cusip>
		<value>6083</value>
		<shrsOrPrnAmt>
			<sshPrnamt>54270</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>54270</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ITT CORP NEW</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>450911201</cusip>
		<value>6718</value>
		<shrsOrPrnAmt>
			<sshPrnamt>228428</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>227684</Sole>
			<Shared>0</Shared>
			<None>744</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LAYNE CHRISTENSEN CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>521050104</cusip>
		<value>2677</value>
		<shrsOrPrnAmt>
			<sshPrnamt>137200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>137200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MARRIOTT VACATIONS WRLDWDE C</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>57164Y107</cusip>
		<value>13216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>305648</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>304228</Sole>
			<Shared>0</Shared>
			<None>1420</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MBIA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55262C100</cusip>
		<value>4298</value>
		<shrsOrPrnAmt>
			<sshPrnamt>322900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>322900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MCDERMOTT INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>580037109</cusip>
		<value>8867</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1083949</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1079059</Sole>
			<Shared>0</Shared>
			<None>4890</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MGIC INVT CORP WIS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>552848103</cusip>
		<value>2891</value>
		<shrsOrPrnAmt>
			<sshPrnamt>476200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>476200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MIDWAY GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>598153104</cusip>
		<value>124</value>
		<shrsOrPrnAmt>
			<sshPrnamt>131600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>131600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>620076307</cusip>
		<value>19517</value>
		<shrsOrPrnAmt>
			<sshPrnamt>338066</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>336511</Sole>
			<Shared>0</Shared>
			<None>1555</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEW YORK TIMES CO</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>650111107</cusip>
		<value>4442</value>
		<shrsOrPrnAmt>
			<sshPrnamt>401605</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>401605</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>651639106</cusip>
		<value>17485</value>
		<shrsOrPrnAmt>
			<sshPrnamt>583800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>581350</Sole>
			<Shared>0</Shared>
			<None>2450</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PENGROWTH ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>70706P104</cusip>
		<value>16006</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3246619</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3232719</Sole>
			<Shared>0</Shared>
			<None>13900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>POPULAR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>733174700</cusip>
		<value>3978</value>
		<shrsOrPrnAmt>
			<sshPrnamt>131000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>131000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>POST HLDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>737446104</cusip>
		<value>5919</value>
		<shrsOrPrnAmt>
			<sshPrnamt>135580</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>135580</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QUALITY SYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>747582104</cusip>
		<value>2940</value>
		<shrsOrPrnAmt>
			<sshPrnamt>157150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>157150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SAIC INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78390X101</cusip>
		<value>21368</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1533968</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1528678</Sole>
			<Shared>0</Shared>
			<None>5290</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>81211K100</cusip>
		<value>22586</value>
		<shrsOrPrnAmt>
			<sshPrnamt>943060</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>939870</Sole>
			<Shared>0</Shared>
			<None>3190</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WENDYS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>95058W100</cusip>
		<value>2758</value>
		<shrsOrPrnAmt>
			<sshPrnamt>473000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>473000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>XYLEM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98419M100</cusip>
		<value>2180</value>
		<shrsOrPrnAmt>
			<sshPrnamt>80910</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>80910</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BP PLC</nameOfIssuer>
		<titleOfClass>SPONSORED ADR</titleOfClass>
		<cusip>055622104</cusip>
		<value>16534</value>
		<shrsOrPrnAmt>
			<sshPrnamt>396120</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>394350</Sole>
			<Shared>0</Shared>
			<None>1770</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
		<titleOfClass>*W EXP 01/16/201</titleOfClass>
		<cusip>060505146</cusip>
		<value>55</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
		<titleOfClass>*W EXP 10/28/201</titleOfClass>
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		<value>95</value>
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			<sshPrnamt>123200</sshPrnamt>
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		<nameOfIssuer>SANOFI</nameOfIssuer>
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			<sshPrnamt>117700</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<nameOfIssuer>COUSINS PPTYS INC</nameOfIssuer>
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		<votingAuthority>
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		<nameOfIssuer>GETTY RLTY CORP NEW</nameOfIssuer>
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		<cusip>374297109</cusip>
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			<Sole>657005</Sole>
			<Shared>0</Shared>
			<None>3210</None>
		</votingAuthority>
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		<nameOfIssuer>SILVER BAY RLTY TR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>82735Q102</cusip>
		<value>16638</value>
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			<sshPrnamt>1004720</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1001060</Sole>
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			<None>3660</None>
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</informationTable>
