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	<infoTable>
		<nameOfIssuer>ABBVIE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00287Y109</cusip>
		<value>251</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3830</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3830</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ACCENTURE PLC IRELAND</nameOfIssuer>
		<titleOfClass>SHS CLASS A</titleOfClass>
		<cusip>G1151C101</cusip>
		<value>223</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00971T101</cusip>
		<value>252</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHA NATURAL RESOURCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02076X102</cusip>
		<value>17</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AMERICAN AIRLS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02376R102</cusip>
		<value>39434</value>
		<shrsOrPrnAmt>
			<sshPrnamt>735295</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>708795</Sole>
			<Shared>0</Shared>
			<None>26500</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>025816109</cusip>
		<value>953</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10242</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5742</Sole>
			<Shared>0</Shared>
			<None>4500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ANTHEM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>036752103</cusip>
		<value>7557</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60131</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>49581</Sole>
			<Shared>0</Shared>
			<None>10550</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APPLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>037833100</cusip>
		<value>10258</value>
		<shrsOrPrnAmt>
			<sshPrnamt>92934</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>82314</Sole>
			<Shared>0</Shared>
			<None>10620</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>363576109</cusip>
		<value>349</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7410</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7410</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00206R102</cusip>
		<value>7567</value>
		<shrsOrPrnAmt>
			<sshPrnamt>225280</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>208560</Sole>
			<Shared>0</Shared>
			<None>16720</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ATMOS ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>049560105</cusip>
		<value>240</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AUTODESK INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>052769106</cusip>
		<value>258</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BALTIC TRADING LIMITED</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>Y0553W103</cusip>
		<value>2305</value>
		<shrsOrPrnAmt>
			<sshPrnamt>918418</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>918418</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
		<titleOfClass>CL B NEW</titleOfClass>
		<cusip>084670702</cusip>
		<value>7201</value>
		<shrsOrPrnAmt>
			<sshPrnamt>47960</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>40960</Sole>
			<Shared>0</Shared>
			<None>7000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>084670108</cusip>
		<value>226</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>110122108</cusip>
		<value>363</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6149</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6149</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BARD C R INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>067383109</cusip>
		<value>301</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1809</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1809</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CBS CORP NEW</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>124857202</cusip>
		<value>1986</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35880</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23422</Sole>
			<Shared>0</Shared>
			<None>12458</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>166764100</cusip>
		<value>3049</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27178</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19298</Sole>
			<Shared>0</Shared>
			<None>7880</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>17275R102</cusip>
		<value>8113</value>
		<shrsOrPrnAmt>
			<sshPrnamt>291683</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>243753</Sole>
			<Shared>0</Shared>
			<None>47930</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>172967424</cusip>
		<value>21522</value>
		<shrsOrPrnAmt>
			<sshPrnamt>397742</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>378102</Sole>
			<Shared>0</Shared>
			<None>19640</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COBALT INTL ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>19075F106</cusip>
		<value>8550</value>
		<shrsOrPrnAmt>
			<sshPrnamt>961798</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>961798</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COBALT INTL ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>19075F106</cusip>
		<value>15522</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1746000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<putCall>Call</putCall>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1746000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COCA COLA CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>191216100</cusip>
		<value>1769</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41907</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32007</Sole>
			<Shared>0</Shared>
			<None>9900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>194162103</cusip>
		<value>1725</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24937</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17687</Sole>
			<Shared>0</Shared>
			<None>7250</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COMMUNITY BANKERS TR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>203612106</cusip>
		<value>110</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24895</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>24895</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONAGRA FOODS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>205887102</cusip>
		<value>430</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11865</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11865</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22160K105</cusip>
		<value>265</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1872</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1872</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126650100</cusip>
		<value>1099</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11414</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11414</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CYPRESS SEMICONDUCTOR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>232806109</cusip>
		<value>8464</value>
		<shrsOrPrnAmt>
			<sshPrnamt>592700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>589700</Sole>
			<Shared>0</Shared>
			<None>3000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>D R HORTON INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23331A109</cusip>
		<value>21410</value>
		<shrsOrPrnAmt>
			<sshPrnamt>846599</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>794049</Sole>
			<Shared>0</Shared>
			<None>52550</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>247361702</cusip>
		<value>19303</value>
		<shrsOrPrnAmt>
			<sshPrnamt>392407</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>392407</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIANA SHIPPING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>Y2066G104</cusip>
		<value>3513</value>
		<shrsOrPrnAmt>
			<sshPrnamt>523590</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>523590</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DU PONT E I DE NEMOURS &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>263534109</cusip>
		<value>754</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DUKE ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>26441C204</cusip>
		<value>509</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6091</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6091</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENSCO PLC</nameOfIssuer>
		<titleOfClass>SHS CLASS A</titleOfClass>
		<cusip>G3157S106</cusip>
		<value>4492</value>
		<shrsOrPrnAmt>
			<sshPrnamt>149983</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>149983</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EP ENERGY CORP</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>268785102</cusip>
		<value>4756</value>
		<shrsOrPrnAmt>
			<sshPrnamt>455541</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>455541</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>3856</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41705</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32185</Sole>
			<Shared>0</Shared>
			<None>9520</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FEDERATED INVS INC PA</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>314211103</cusip>
		<value>4121</value>
		<shrsOrPrnAmt>
			<sshPrnamt>125150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>124630</Sole>
			<Shared>0</Shared>
			<None>520</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>316773100</cusip>
		<value>2857</value>
		<shrsOrPrnAmt>
			<sshPrnamt>140200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>86150</Sole>
			<Shared>0</Shared>
			<None>54050</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORD MTR CO DEL</nameOfIssuer>
		<titleOfClass>COM PAR $0.01</titleOfClass>
		<cusip>345370860</cusip>
		<value>4489</value>
		<shrsOrPrnAmt>
			<sshPrnamt>289644</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>289644</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FREIGHTCAR AMER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>357023100</cusip>
		<value>10469</value>
		<shrsOrPrnAmt>
			<sshPrnamt>397925</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>397925</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>369604103</cusip>
		<value>7328</value>
		<shrsOrPrnAmt>
			<sshPrnamt>289999</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>249199</Sole>
			<Shared>0</Shared>
			<None>40800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>37045V100</cusip>
		<value>8194</value>
		<shrsOrPrnAmt>
			<sshPrnamt>234719</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>234309</Sole>
			<Shared>0</Shared>
			<None>410</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>372460105</cusip>
		<value>202</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375558103</cusip>
		<value>6216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65945</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>54945</Sole>
			<Shared>0</Shared>
			<None>11000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GLAXOSMITHKLINE PLC</nameOfIssuer>
		<titleOfClass>SPONSORED ADR</titleOfClass>
		<cusip>37733W105</cusip>
		<value>3515</value>
		<shrsOrPrnAmt>
			<sshPrnamt>82250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>81850</Sole>
			<Shared>0</Shared>
			<None>400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>38141G104</cusip>
		<value>6913</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35666</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>30886</Sole>
			<Shared>0</Shared>
			<None>4780</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOOGLE INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>38259P508</cusip>
		<value>1027</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1935</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1360</Sole>
			<Shared>0</Shared>
			<None>575</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOOGLE INC</nameOfIssuer>
		<titleOfClass>CL C</titleOfClass>
		<cusip>38259P706</cusip>
		<value>1029</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1955</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1380</Sole>
			<Shared>0</Shared>
			<None>575</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>406216101</cusip>
		<value>5343</value>
		<shrsOrPrnAmt>
			<sshPrnamt>135858</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>135858</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HARSCO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>415864107</cusip>
		<value>2751</value>
		<shrsOrPrnAmt>
			<sshPrnamt>145620</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>145000</Sole>
			<Shared>0</Shared>
			<None>620</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOLLYFRONTIER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>436106108</cusip>
		<value>5218</value>
		<shrsOrPrnAmt>
			<sshPrnamt>139210</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>138610</Sole>
			<Shared>0</Shared>
			<None>600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>437076102</cusip>
		<value>5827</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55515</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>48915</Sole>
			<Shared>0</Shared>
			<None>6600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HONEYWELL INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>438516106</cusip>
		<value>205</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOSPITALITY PPTYS TR</nameOfIssuer>
		<titleOfClass>COM SH BEN INT</titleOfClass>
		<cusip>44106M102</cusip>
		<value>10287</value>
		<shrsOrPrnAmt>
			<sshPrnamt>331835</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>330735</Sole>
			<Shared>0</Shared>
			<None>1100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>459200101</cusip>
		<value>225</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTEL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>458140100</cusip>
		<value>8536</value>
		<shrsOrPrnAmt>
			<sshPrnamt>235210</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>203060</Sole>
			<Shared>0</Shared>
			<None>32150</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ISHARES TR</nameOfIssuer>
		<titleOfClass>RUS 1000 GRW ETF</titleOfClass>
		<cusip>464287614</cusip>
		<value>830</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8685</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8685</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ISHARES TR</nameOfIssuer>
		<titleOfClass>S&amp;P 100 ETF</titleOfClass>
		<cusip>464287101</cusip>
		<value>560</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6160</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6160</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>478160104</cusip>
		<value>3924</value>
		<shrsOrPrnAmt>
			<sshPrnamt>37522</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>27602</Sole>
			<Shared>0</Shared>
			<None>9920</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KIMCO RLTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49446R109</cusip>
		<value>8631</value>
		<shrsOrPrnAmt>
			<sshPrnamt>343335</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>342335</Sole>
			<Shared>0</Shared>
			<None>1000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49456B101</cusip>
		<value>21796</value>
		<shrsOrPrnAmt>
			<sshPrnamt>515161</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>514161</Sole>
			<Shared>0</Shared>
			<None>1000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KRAFT FOODS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>50076Q106</cusip>
		<value>3916</value>
		<shrsOrPrnAmt>
			<sshPrnamt>62493</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>61993</Sole>
			<Shared>0</Shared>
			<None>500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>524660107</cusip>
		<value>341</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>539830109</cusip>
		<value>5153</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26760</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>26660</Sole>
			<Shared>0</Shared>
			<None>100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LORILLARD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>544147101</cusip>
		<value>665</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10560</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10560</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOWES COS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>548661107</cusip>
		<value>309</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4485</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4485</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55616P104</cusip>
		<value>6845</value>
		<shrsOrPrnAmt>
			<sshPrnamt>104099</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>88099</Sole>
			<Shared>0</Shared>
			<None>16000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MATTEL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>577081102</cusip>
		<value>2898</value>
		<shrsOrPrnAmt>
			<sshPrnamt>93660</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>93060</Sole>
			<Shared>0</Shared>
			<None>600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>580135101</cusip>
		<value>384</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MERCK &amp; CO INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58933Y105</cusip>
		<value>798</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14060</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14060</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MICHAEL KORS HLDGS LTD</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G60754101</cusip>
		<value>7350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>97869</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>97869</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>594918104</cusip>
		<value>209</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>617446448</cusip>
		<value>22773</value>
		<shrsOrPrnAmt>
			<sshPrnamt>586937</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>551337</Sole>
			<Shared>0</Shared>
			<None>35600</None>
		</votingAuthority>
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		<nameOfIssuer>NATIONAL CINEMEDIA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>635309107</cusip>
		<value>3522</value>
		<shrsOrPrnAmt>
			<sshPrnamt>245100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>243800</Sole>
			<Shared>0</Shared>
			<None>1300</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>NEW YORK CMNTY BANCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>649445103</cusip>
		<value>6200</value>
		<shrsOrPrnAmt>
			<sshPrnamt>387490</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>386090</Sole>
			<Shared>0</Shared>
			<None>1400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ORACLE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68389X105</cusip>
		<value>7277</value>
		<shrsOrPrnAmt>
			<sshPrnamt>161825</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>138325</Sole>
			<Shared>0</Shared>
			<None>23500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OUTFRONT MEDIA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>69007J106</cusip>
		<value>7622</value>
		<shrsOrPrnAmt>
			<sshPrnamt>283973</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>282362</Sole>
			<Shared>0</Shared>
			<None>1611</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PAYCHEX INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>704326107</cusip>
		<value>5333</value>
		<shrsOrPrnAmt>
			<sshPrnamt>115505</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>114805</Sole>
			<Shared>0</Shared>
			<None>700</None>
		</votingAuthority>
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		<nameOfIssuer>PEOPLES UNITED FINANCIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>712704105</cusip>
		<value>4470</value>
		<shrsOrPrnAmt>
			<sshPrnamt>294460</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>292960</Sole>
			<Shared>0</Shared>
			<None>1500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PEPSICO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>713448108</cusip>
		<value>418</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4423</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4423</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>7758</value>
		<shrsOrPrnAmt>
			<sshPrnamt>249059</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>248059</Sole>
			<Shared>0</Shared>
			<None>1000</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718172109</cusip>
		<value>6009</value>
		<shrsOrPrnAmt>
			<sshPrnamt>73778</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>73778</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PLUM CREEK TIMBER CO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>729251108</cusip>
		<value>7586</value>
		<shrsOrPrnAmt>
			<sshPrnamt>177275</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>176575</Sole>
			<Shared>0</Shared>
			<None>700</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>742718109</cusip>
		<value>694</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7616</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7616</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RAYONIER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>754907103</cusip>
		<value>5400</value>
		<shrsOrPrnAmt>
			<sshPrnamt>193280</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>192580</Sole>
			<Shared>0</Shared>
			<None>700</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
		<titleOfClass>SPON ADR B</titleOfClass>
		<cusip>780259107</cusip>
		<value>5715</value>
		<shrsOrPrnAmt>
			<sshPrnamt>82166</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>81866</Sole>
			<Shared>0</Shared>
			<None>300</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
		<titleOfClass>SPONS ADR A</titleOfClass>
		<cusip>780259206</cusip>
		<value>209</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3119</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3119</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SAFE BULKERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>Y7388L103</cusip>
		<value>2559</value>
		<shrsOrPrnAmt>
			<sshPrnamt>654487</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>654487</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>806857108</cusip>
		<value>4879</value>
		<shrsOrPrnAmt>
			<sshPrnamt>57122</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>46472</Sole>
			<Shared>0</Shared>
			<None>10650</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SCORPIO BULKERS INC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>Y7546A106</cusip>
		<value>2062</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1046676</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1046676</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIX FLAGS ENTMT CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>83001A102</cusip>
		<value>7290</value>
		<shrsOrPrnAmt>
			<sshPrnamt>168935</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>168435</Sole>
			<Shared>0</Shared>
			<None>500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SOUTHERN CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>842587107</cusip>
		<value>261</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5320</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5320</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84265V105</cusip>
		<value>5451</value>
		<shrsOrPrnAmt>
			<sshPrnamt>193304</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>193304</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
		<titleOfClass>TR UNIT</titleOfClass>
		<cusip>78462F103</cusip>
		<value>844</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4108</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4018</Sole>
			<Shared>0</Shared>
			<None>90</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
		<titleOfClass>S&amp;P DIVID ETF</titleOfClass>
		<cusip>78464A763</cusip>
		<value>485</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6000</Sole>
			<Shared>0</Shared>
			<None>150</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SYNERON MEDICAL LTD</nameOfIssuer>
		<titleOfClass>ORD SHS</titleOfClass>
		<cusip>M87245102</cusip>
		<value>8541</value>
		<shrsOrPrnAmt>
			<sshPrnamt>915441</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>915441</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TARGET CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87612E106</cusip>
		<value>298</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3924</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3924</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TOYOTA MOTOR CORP</nameOfIssuer>
		<titleOfClass>SP ADR REP2COM</titleOfClass>
		<cusip>892331307</cusip>
		<value>238</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902653104</cusip>
		<value>233</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7563</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7563</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>U M H PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>903002103</cusip>
		<value>139</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14525</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14525</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>UNITED CONTL HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>910047109</cusip>
		<value>21311</value>
		<shrsOrPrnAmt>
			<sshPrnamt>318592</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>302342</Sole>
			<Shared>0</Shared>
			<None>16250</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>VANTAGE DRILLING COMPANY</nameOfIssuer>
		<titleOfClass>ORD SHS</titleOfClass>
		<cusip>G93205113</cusip>
		<value>1921</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3930382</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3930382</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92343V104</cusip>
		<value>7431</value>
		<shrsOrPrnAmt>
			<sshPrnamt>158844</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>137064</Sole>
			<Shared>0</Shared>
			<None>21780</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>94106L109</cusip>
		<value>4047</value>
		<shrsOrPrnAmt>
			<sshPrnamt>78860</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>78560</Sole>
			<Shared>0</Shared>
			<None>300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>962166104</cusip>
		<value>5836</value>
		<shrsOrPrnAmt>
			<sshPrnamt>162611</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>135745</Sole>
			<Shared>0</Shared>
			<None>26866</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WINDSTREAM HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>97382A101</cusip>
		<value>4942</value>
		<shrsOrPrnAmt>
			<sshPrnamt>599770</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>597770</Sole>
			<Shared>0</Shared>
			<None>2000</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>YAHOO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>984332106</cusip>
		<value>6608</value>
		<shrsOrPrnAmt>
			<sshPrnamt>130832</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>130832</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ZIMMER HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98956P102</cusip>
		<value>6806</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60009</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>50034</Sole>
			<Shared>0</Shared>
			<None>9975</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ENERGY TRANSFER PRTNRS L P</nameOfIssuer>
		<titleOfClass>UNIT LTD PARTN</titleOfClass>
		<cusip>29273R109</cusip>
		<value>216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3317</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3317</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>293792107</cusip>
		<value>1594</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44120</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>44120</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MAGELLAN MIDSTREAM PRTNRS LP</nameOfIssuer>
		<titleOfClass>COM UNIT RP LP</titleOfClass>
		<cusip>559080106</cusip>
		<value>760</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PLAINS ALL AMERN PIPELINE L</nameOfIssuer>
		<titleOfClass>UNIT LTD PARTN</titleOfClass>
		<cusip>726503105</cusip>
		<value>350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6825</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6825</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PLAINS GP HLDGS L P</nameOfIssuer>
		<titleOfClass>SHS A REP LTPN</titleOfClass>
		<cusip>72651A108</cusip>
		<value>234</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
		<titleOfClass>*W EXP 07/10/201</titleOfClass>
		<cusip>37045V118</cusip>
		<value>625</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24926</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>24926</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
		<titleOfClass>*W EXP 07/10/201</titleOfClass>
		<cusip>37045V126</cusip>
		<value>424</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24926</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>24926</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
</informationTable>
