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
ACTAVIS PLC SHS G0083B108 16,853 69,855 SH   SOLE   31,100 6,100 32,655
ENERGY XXI BERMUDA LTD USD UNRS SHS G10082140 36,236 3,192,649 SH   SOLE   1,947,837 248,800 996,012
ENDO INTL PLC SHS G30401106 27,256 398,823 SH   SOLE   206,912 38,400 153,511
ENSCO PLC SHS CLASS A G3157S106 139,933 3,387,350 SH   SOLE   2,009,524 177,500 1,200,326
HERBALIFE LTD COM USD SHS G4412G101 84,035 1,920,813 SH   SOLE   1,044,062 117,900 758,851
NORDIC AMERICAN TANKERS LIMI COM G65773106 18,481 2,324,872 SH   SOLE   1,479,578 176,519 668,775
XL GROUP PLC SHS G98290102 23,324 703,209 SH   SOLE   405,009 44,800 253,400
TE CONNECTIVITY LTD REG SHS H84989104 17,764 321,256 SH   SOLE   145,410 24,400 151,446
OCEAN RIG UDW INC SHS Y64354205 88,116 5,466,216 SH   SOLE   3,182,267 447,750 1,836,199
ABBVIE INC COM 00287Y109 1,155 20,000 SH   SOLE   20,000 0 0
ALCOA INC COM 013817101 31,780 1,975,236 SH   SOLE   966,500 155,900 852,836
ALLY FINL INC COM 02005N100 46,680 2,017,319 SH   SOLE   1,100,153 134,000 783,166
AMERICAN ELEC PWR INC COM 025537101 3,077 58,900 SH   SOLE   23,600 0 35,300
AMERICAN INTL GROUP INC COM NEW 026874784 43,869 812,100 SH   SOLE   390,900 56,000 365,200
ARGAN INC COM 04010E109 12,963 388,307 SH   SOLE   186,092 38,991 163,224
ARRIS GROUP INC NEW COM 04270V106 48,048 1,694,521 SH   SOLE   871,458 164,363 658,700
ASTRAZENECA PLC SPONSORED ADR 046353108 843 11,800 SH   SOLE   11,800 0 0
BP PLC SPONSORED ADR 055622104 26,473 602,350 SH   SOLE   328,850 23,600 249,900
BANK AMER CORP COM 060505104 90,141 5,286,922 SH   SOLE   2,669,736 376,200 2,240,986
CNO FINL GROUP INC COM 12621E103 241,251 14,224,520 SH   SOLE   7,332,382 1,210,409 5,681,729
CA INC COM 12673P105 107,444 3,845,563 SH   SOLE   1,993,023 245,600 1,606,940
CAL DIVE INTL INC DEL COM 12802T101 22,329 23,020,392 SH   SOLE   14,529,873 1,613,341 6,877,178
CALLAWAY GOLF CO COM 131193104 12,119 1,673,729 SH   SOLE   752,533 185,100 736,096
CAMECO CORP COM 13321L108 10,411 589,589 SH   SOLE   250,450 72,480 266,659
CARPENTER TECHNOLOGY CORP COM 144285103 107,938 2,390,747 SH   SOLE   1,249,672 198,420 942,655
CASH AMER INTL INC COM 14754D100 42,545 971,312 SH   SOLE   480,820 94,982 395,510
CASTLE A M & CO COM 148411101 13,037 1,526,707 SH   SOLE   517,956 203,992 804,759
CATCHMARK TIMBER TR INC CL A 14912Y202 2,576 235,094 SH   SOLE   235,094 0 0
CHESAPEAKE ENERGY CORP COM 165167107 23,834 1,036,694 SH   SOLE   602,000 61,000 373,694
CHEVRON CORP NEW COM 166764100 3,281 27,500 SH   SOLE   27,500 0 0
CITIGROUP INC COM NEW 172967424 78,085 1,506,832 SH   SOLE   768,480 101,470 636,882
COCA COLA CO COM 191216100 8,757 205,300 SH   SOLE   129,900 0 75,400
CONAGRA FOODS INC COM 205887102 23,754 718,867 SH   SOLE   372,400 50,600 295,867
CONOCOPHILLIPS COM 20825C104 8,074 105,500 SH   SOLE   55,400 0 50,100
DEVON ENERGY CORP NEW COM 25179M103 1,479 21,700 SH   SOLE   21,700 0 0
DRESSER-RAND GROUP INC COM 261608103 1,579 19,200 SH   SOLE   19,200 0 0
ENTERGY CORP NEW COM 29364G103 41,750 539,889 SH   SOLE   320,828 30,000 189,061
EXELON CORP COM 30161N101 58,989 1,730,457 SH   SOLE   967,912 106,300 656,245
EZCORP INC CL A NON VTG 302301106 31,550 3,183,827 SH   SOLE   1,493,789 342,694 1,347,344
EXXON MOBIL CORP COM 30231G102 66,577 707,900 SH   SOLE   410,200 46,000 251,700
FEDEX CORP COM 31428X106 19,801 122,635 SH   SOLE   56,200 10,300 56,135
FIRST CTZNS BANCSHARES INC N CL A 31946M103 30,097 138,928 SH   SOLE   67,586 13,804 57,538
FIRST HORIZON NATL CORP COM 320517105 35,618 2,900,365 SH   SOLE   1,577,342 262,900 1,060,123
FLUOR CORP NEW COM 343412102 27,750 415,447 SH   SOLE   209,800 29,700 175,947
FLOWSERVE CORP COM 34354P105 2,990 42,400 SH   SOLE   17,500 0 24,900
GLOBAL CASH ACCESS HLDGS INC COM 378967103 16,129 2,389,570 SH   SOLE   1,174,851 232,923 981,796
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 40,637 1,854,806 SH   SOLE   954,780 170,430 729,596
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 61,295 1,775,072 SH   SOLE   887,734 177,341 709,997
GREAT PLAINS ENERGY INC COM 391164100 30,163 1,247,906 SH   SOLE   673,585 109,211 465,110
HARSCO CORP COM 415864107 26,158 1,221,784 SH   SOLE   617,354 118,200 486,230
HEALTH INS INNOVATIONS INC COM CL A 42225K106 8,514 789,112 SH   SOLE   260,528 102,946 425,638
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 1,235 56,000 SH   SOLE   56,000 0 0
HEWLETT PACKARD CO COM 428236103 42,039 1,185,112 SH   SOLE   586,666 82,200 516,246
HOLLYFRONTIER CORP COM 436106108 1,777 40,700 SH   SOLE   40,700 0 0
HOME DEPOT INC COM 437076102 17,195 187,395 SH   SOLE   86,500 16,000 84,895
ICONIX BRAND GROUP INC COM 451055107 32,160 870,602 SH   SOLE   459,900 81,200 329,502
INNOSPEC INC COM 45768S105 50,825 1,415,708 SH   SOLE   834,783 115,753 465,172
JPMORGAN CHASE & CO COM 46625H100 69,580 1,155,061 SH   SOLE   527,400 89,900 537,761
KBR INC COM 48242W106 117,305 6,229,754 SH   SOLE   3,377,363 454,200 2,398,191
KAISER ALUMINUM CORP COM PAR $0.01 483007704 40,934 537,051 SH   SOLE   302,500 48,075 186,476
KAPSTONE PAPER & PACKAGING C COM 48562P103 14,670 524,506 SH   SOLE   218,342 62,048 244,116
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 10,883 1,658,844 SH   SOLE   719,833 160,600 778,411
LENNAR CORP CL B 526057302 62,353 1,944,802 SH   SOLE   936,309 184,288 824,205
LEXMARK INTL NEW CL A 529771107 24,996 588,103 SH   SOLE   314,643 53,298 220,162
LILLY ELI & CO COM 532457108 78,559 1,211,418 SH   SOLE   597,464 84,900 529,054
MASTERCARD INC CL A 57636Q104 3,187 43,110 SH   SOLE   18,150 0 24,960
MERCER INTL INC COM 588056101 24,407 2,503,388 SH   SOLE   1,449,587 208,959 844,842
MERCK & CO INC NEW COM 58933Y105 70,824 1,194,743 SH   SOLE   577,800 81,300 535,643
MICROSOFT CORP COM 594918104 65,054 1,403,223 SH   SOLE   702,500 96,000 604,723
MILLER INDS INC TENN COM NEW 600551204 7,968 471,595 SH   SOLE   220,120 46,469 205,006
MUELLER WTR PRODS INC COM SER A 624758108 10,967 1,324,436 SH   SOLE   649,615 131,711 543,110
NATIONAL FUEL GAS CO N J COM 636180101 1,498 21,400 SH   SOLE   21,400 0 0
NELNET INC CL A 64031N108 15,876 368,447 SH   SOLE   184,089 36,000 148,358
NEXTERA ENERGY INC COM 65339F101 2,515 26,800 SH   SOLE   18,700 0 8,100
NORTHROP GRUMMAN CORP COM 666807102 49,152 373,045 SH   SOLE   170,300 21,600 181,145
OCEANEERING INTL INC COM 675232102 1,525 23,400 SH   SOLE   23,400 0 0
ORACLE CORP COM 68389X105 3,034 79,300 SH   SOLE   32,200 0 47,100
PPL CORP COM 69351T106 1,478 45,000 SH   SOLE   45,000 0 0
PARK STERLING CORP COM 70086Y105 22,040 3,324,282 SH   SOLE   1,414,559 339,217 1,570,506
PFIZER INC COM 717081103 77,116 2,607,970 SH   SOLE   1,217,500 201,200 1,189,270
PHILIP MORRIS INTL INC COM 718172109 53,919 646,496 SH   SOLE   198,100 68,500 379,896
PORTLAND GEN ELEC CO COM NEW 736508847 21,808 678,955 SH   SOLE   340,026 65,829 273,100
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,475 39,600 SH   SOLE   39,600 0 0
RENT A CTR INC NEW COM 76009N100 22,859 753,153 SH   SOLE   359,715 78,700 314,738
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 4,684 59,200 SH   SOLE   31,400 19,500 8,300
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 45,263 594,575 SH   SOLE   330,230 22,300 242,045
SCANA CORP NEW COM 80589M102 1,508 30,400 SH   SOLE   30,400 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 24,581 555,825 SH   SOLE   257,439 62,500 235,886
SEACOR HOLDINGS INC COM 811904101 1,475 19,717 SH   SOLE   19,717 0 0
SEMPRA ENERGY COM 816851109 1,433 13,600 SH   SOLE   13,600 0 0
STONE ENERGY CORP COM 861642106 1,493 47,600 SH   SOLE   47,600 0 0
SUNTRUST BKS INC COM 867914103 23,610 620,846 SH   SOLE   329,972 38,100 252,774
SUPERIOR ENERGY SVCS INC COM 868157108 2,676 81,400 SH   SOLE   81,400 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 16,935 285,141 SH   SOLE   158,389 25,421 101,331
TITAN MACHY INC COM 88830R101 23,925 1,841,960 SH   SOLE   930,128 175,200 736,632
TUPPERWARE BRANDS CORP COM 899896104 55,068 797,651 SH   SOLE   391,287 70,600 335,764
TYSON FOODS INC CL A 902494103 22,671 575,840 SH   SOLE   290,535 35,400 249,905
UFP TECHNOLOGIES INC COM 902673102 10,498 477,693 SH   SOLE   169,470 59,551 248,672
VERIZON COMMUNICATIONS INC COM 92343V104 3,186 63,737 SH   SOLE   26,647 0 37,090
VIRTUS INVT PARTNERS INC COM 92828Q109 88,511 509,572 SH   SOLE   279,184 43,726 186,662
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 14,319 435,353 SH   SOLE   184,969 40,254 210,130
VOYA FINL INC COM 929089100 48,918 1,251,047 SH   SOLE   685,455 85,800 479,792
WAL-MART STORES INC COM 931142103 33,531 438,466 SH   SOLE   207,400 30,200 200,866
WESTERN UN CO COM 959802109 15,746 981,775 SH   SOLE   501,154 88,670 391,951
WET SEAL INC CL A 961840105 1,054 2,006,692 SH   SOLE   612,139 330,989 1,063,564
WILEY JOHN & SONS INC CL A 968223206 14,249 253,931 SH   SOLE   161,447 18,300 74,184