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 16,607 64,525 SH   SOLE   29,900 6,000 28,625
ENERGY XXI LTD USD UNRS SHS G10082140 10,331 3,168,549 SH   SOLE   1,793,537 274,900 1,100,112
ENDO INTL PLC SHS G30401106 22,344 309,823 SH   SOLE   144,112 33,400 132,311
ENSCO PLC SHS CLASS A G3157S106 105,412 3,519,570 SH   SOLE   1,981,824 196,900 1,340,846
HERBALIFE LTD COM USD SHS G4412G101 62,665 1,662,117 SH   SOLE   829,686 120,800 711,631
NORDIC AMERICAN TANKERS LIMI COM G65773106 40,629 4,034,628 SH   SOLE   2,449,909 319,219 1,265,500
OM ASSET MGMT PLC SHS G67506108 14,727 906,776 SH   SOLE   464,862 88,800 353,114
XL GROUP PLC SHS G98290102 17,845 519,289 SH   SOLE   244,399 41,300 233,590
TE CONNECTIVITY LTD REG SHS H84989104 19,913 314,806 SH   SOLE   143,910 24,400 146,496
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 996 31,990 SH   SOLE   31,990 0 0
OCEAN RIG UDW INC SHS Y64354205 50,246 5,414,349 SH   SOLE   3,051,744 465,750 1,896,855
TEEKAY TANKERS LTD CL A Y8565N102 27,431 5,421,092 SH   SOLE   3,386,992 403,200 1,630,900
ABBVIE INC COM 00287Y109 1,704 26,037 SH   SOLE   15,600 0 10,437
ALCOA INC COM 013817101 30,165 1,910,616 SH   SOLE   938,500 155,900 816,216
ALLY FINL INC COM 02005N100 48,465 2,052,050 SH   SOLE   997,619 152,600 901,831
AMERICAN ELEC PWR INC COM 025537101 3,164 52,100 SH   SOLE   23,600 0 28,500
AMERICAN INTL GROUP INC COM NEW 026874784 42,334 755,845 SH   SOLE   365,200 56,000 334,645
ARGAN INC COM 04010E109 13,470 400,460 SH   SOLE   193,562 39,091 167,807
ARRIS GROUP INC NEW COM 04270V106 46,900 1,553,521 SH   SOLE   740,058 164,363 649,100
ASTRAZENECA PLC SPONSORED ADR 046353108 1,344 19,100 SH   SOLE   11,800 0 7,300
BP PLC SPONSORED ADR 055622104 22,664 594,550 SH   SOLE   325,500 23,600 245,450
BANK AMER CORP COM 060505104 89,678 5,012,626 SH   SOLE   2,539,836 376,200 2,096,590
CNO FINL GROUP INC COM 12621E103 230,290 13,373,356 SH   SOLE   6,602,320 1,208,209 5,562,827
CA INC COM 12673P105 108,488 3,562,784 SH   SOLE   1,762,813 249,300 1,550,671
CALLAWAY GOLF CO COM 131193104 12,911 1,676,595 SH   SOLE   756,699 185,100 734,796
CAMECO CORP COM 13321L108 16,353 996,308 SH   SOLE   447,250 75,980 473,078
CARPENTER TECHNOLOGY CORP COM 144285103 128,897 2,617,165 SH   SOLE   1,319,872 232,420 1,064,873
CASH AMER INTL INC COM 14754D100 18,537 819,368 SH   SOLE   391,835 89,582 337,951
CASTLE A M & CO COM 148411101 12,417 1,555,875 SH   SOLE   528,724 205,992 821,159
CATCHMARK TIMBER TR INC CL A 14912Y202 4,061 358,849 SH   SOLE   311,289 9,500 38,060
CHESAPEAKE ENERGY CORP COM 165167107 20,459 1,045,364 SH   SOLE   596,800 61,000 387,564
CHEVRON CORP NEW COM 166764100 3,085 27,500 SH   SOLE   27,500 0 0
CITIGROUP INC COM NEW 172967424 79,806 1,474,887 SH   SOLE   761,380 101,470 612,037
COCA COLA CO COM 191216100 452 10,700 SH   SOLE   7,000 0 3,700
CONAGRA FOODS INC COM 205887102 24,021 662,109 SH   SOLE   295,200 50,600 316,309
CONOCOPHILLIPS COM 20825C104 5,470 79,200 SH   SOLE   33,100 0 46,100
DEVON ENERGY CORP NEW COM 25179M103 1,328 21,700 SH   SOLE   21,700 0 0
DRESSER-RAND GROUP INC COM 261608103 1,366 16,700 SH   SOLE   16,700 0 0
ENOVA INTL INC COM 29357K103 24,351 1,093,871 SH   SOLE   515,980 109,867 468,024
ENTERGY CORP NEW COM 29364G103 39,691 453,719 SH   SOLE   255,128 30,000 168,591
EXELON CORP COM 30161N101 60,398 1,628,807 SH   SOLE   917,412 106,300 605,095
EZCORP INC CL A NON VTG 302301106 30,713 2,613,748 SH   SOLE   983,810 338,194 1,291,744
EXXON MOBIL CORP COM 30231G102 25,736 278,380 SH   SOLE   174,300 15,800 88,280
FEDEX CORP COM 31428X106 22,201 127,845 SH   SOLE   62,300 10,300 55,245
FIRST CTZNS BANCSHARES INC N CL A 31946M103 32,412 128,211 SH   SOLE   57,269 13,804 57,138
FIRST HORIZON NATL CORP COM 320517105 36,014 2,651,965 SH   SOLE   1,342,442 262,900 1,046,623
FLUOR CORP NEW COM 343412102 22,811 376,227 SH   SOLE   172,600 29,700 173,927
FLOWSERVE CORP COM 34354P105 2,716 45,400 SH   SOLE   17,500 0 27,900
GLOBAL CASH ACCESS HLDGS INC COM 378967103 11,188 1,564,777 SH   SOLE   700,528 195,323 668,926
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 40,039 1,740,013 SH   SOLE   839,987 170,430 729,596
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 59,052 1,661,095 SH   SOLE   783,457 177,341 700,297
GREAT PLAINS ENERGY INC COM 391164100 30,821 1,084,906 SH   SOLE   515,585 109,211 460,110
HARSCO CORP COM 415864107 26,438 1,399,524 SH   SOLE   672,824 145,300 581,400
HEALTH INS INNOVATIONS INC COM CL A 42225K106 4,856 678,036 SH   SOLE   199,922 97,446 380,668
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 1,215 56,000 SH   SOLE   56,000 0 0
HEWLETT PACKARD CO COM 428236103 37,346 930,679 SH   SOLE   461,683 67,500 401,496
HOLLYFRONTIER CORP COM 436106108 1,451 38,700 SH   SOLE   38,700 0 0
HOME DEPOT INC COM 437076102 18,865 179,735 SH   SOLE   85,100 16,000 78,635
ICONIX BRAND GROUP INC COM 451055107 16,656 492,900 SH   SOLE   236,571 51,200 205,129
INNOSPEC INC COM 45768S105 62,012 1,452,330 SH   SOLE   800,936 131,553 519,841
JPMORGAN CHASE & CO COM 46625H100 69,910 1,117,126 SH   SOLE   520,200 89,900 507,026
KBR INC COM 48242W106 138,494 8,170,791 SH   SOLE   4,187,580 662,846 3,320,365
KAISER ALUMINUM CORP COM PAR $0.01 483007704 35,475 496,651 SH   SOLE   264,700 48,075 183,876
KAPSTONE PAPER & PACKAGING C COM 48562P103 15,270 521,006 SH   SOLE   220,342 62,048 238,616
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 8,667 1,726,543 SH   SOLE   725,632 179,700 821,211
LENNAR CORP CL B 526057302 62,950 1,743,320 SH   SOLE   801,977 171,988 769,355
LEXMARK INTL NEW CL A 529771107 23,213 562,441 SH   SOLE   289,481 53,298 219,662
LILLY ELI & CO COM 532457108 82,025 1,188,950 SH   SOLE   585,064 84,900 518,986
LYON WILLIAM HOMES CL A NEW 552074700 11,226 553,802 SH   SOLE   268,585 59,800 225,417
MASTERCARD INC CL A 57636Q104 3,227 37,450 SH   SOLE   18,150 0 19,300
MERCER INTL INC COM 588056101 21,221 1,726,694 SH   SOLE   811,562 187,059 728,073
MERCK & CO INC NEW COM 58933Y105 67,262 1,184,383 SH   SOLE   572,200 81,300 530,883
MICROSOFT CORP COM 594918104 64,148 1,380,976 SH   SOLE   684,200 96,000 600,776
MILLER INDS INC TENN COM NEW 600551204 10,043 482,982 SH   SOLE   222,607 46,469 213,906
NATIONAL FUEL GAS CO N J COM 636180101 1,398 20,100 SH   SOLE   20,100 0 0
NELNET INC CL A 64031N108 13,368 288,551 SH   SOLE   116,293 30,000 142,258
NEXTERA ENERGY INC COM 65339F101 3,018 28,400 SH   SOLE   18,700 0 9,700
NORTHROP GRUMMAN CORP COM 666807102 56,558 383,743 SH   SOLE   184,700 21,600 177,443
OCEANEERING INTL INC COM 675232102 1,247 21,200 SH   SOLE   21,200 0 0
ORACLE CORP COM 68389X105 3,706 82,400 SH   SOLE   31,500 0 50,900
PPL CORP COM 69351T106 1,471 40,500 SH   SOLE   40,500 0 0
PARK STERLING CORP COM 70086Y105 24,257 3,300,300 SH   SOLE   1,419,822 339,217 1,541,261
PFIZER INC COM 717081103 80,578 2,586,810 SH   SOLE   1,232,600 201,200 1,153,010
PHILIP MORRIS INTL INC COM 718172109 46,709 573,476 SH   SOLE   203,500 58,100 311,876
PORTLAND GEN ELEC CO COM NEW 736508847 24,189 639,355 SH   SOLE   303,926 65,829 269,600
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,470 35,500 SH   SOLE   35,500 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 3,172 45,600 SH   SOLE   25,800 18,500 1,300
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 37,840 565,211 SH   SOLE   297,530 22,300 245,381
SCANA CORP NEW COM 80589M102 1,836 30,400 SH   SOLE   30,400 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 27,247 550,125 SH   SOLE   254,239 62,500 233,386
SEACOR HOLDINGS INC COM 811904101 1,293 17,517 SH   SOLE   17,517 0 0
SEMPRA ENERGY COM 816851109 1,515 13,600 SH   SOLE   13,600 0 0
STONE ENERGY CORP COM 861642106 804 47,600 SH   SOLE   47,600 0 0
SUNTRUST BKS INC COM 867914103 26,878 641,466 SH   SOLE   352,372 38,100 250,994
TENET HEALTHCARE CORP COM NEW 88033G407 14,003 276,341 SH   SOLE   150,089 25,421 100,831
TITAN MACHY INC COM 88830R101 24,442 1,753,293 SH   SOLE   817,711 183,900 751,682
TUPPERWARE BRANDS CORP COM 899896104 65,813 1,044,619 SH   SOLE   503,409 94,300 446,910
TYSON FOODS INC CL A 902494103 21,299 531,340 SH   SOLE   255,235 35,400 240,705
UFP TECHNOLOGIES INC COM 902673102 11,962 486,522 SH   SOLE   176,298 59,551 250,673
VERIZON COMMUNICATIONS INC COM 92343V104 2,969 63,437 SH   SOLE   26,647 0 36,790
VIRTUS INVT PARTNERS INC COM 92828Q109 41,584 243,927 SH   SOLE   113,524 26,426 103,977
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 15,102 441,962 SH   SOLE   184,169 40,254 217,539
VOYA FINL INC COM 929089100 49,920 1,177,927 SH   SOLE   619,755 85,600 472,572
WAL-MART STORES INC COM 931142103 38,688 450,486 SH   SOLE   223,100 30,200 197,186
WESTERN UN CO COM 959802109 115 6,400 SH   SOLE   6,400 0 0
WILEY JOHN & SONS INC CL A 968223206 9,711 163,918 SH   SOLE   72,634 18,300 72,984