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
EURONAV NV ANTWERPEN SHS B38564108 43,152 3,147,366 SH   SOLE   2,258,697 0 888,669
ALLERGAN PLC SHS G0177J108 14,620 46,775 SH   SOLE   32,300 0 14,475
ENSCO PLC SHS CLASS A G3157S106 62,078 4,033,705 SH   SOLE   2,199,109 0 1,834,596
HERBALIFE LTD COM USD SHS G4412G101 64,255 1,198,351 SH   SOLE   546,011 0 652,340
NORDIC AMERICAN TANKERS LIMI COM G65773106 27,785 1,787,890 SH   SOLE   700,284 162,319 925,287
OM ASSET MGMT PLC SHS G67506108 16,920 1,103,757 SH   SOLE   384,018 79,800 639,939
TE CONNECTIVITY LTD REG SHS H84989104 11,470 177,536 SH   SOLE   108,910 0 68,626
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 39,005 2,915,303 SH   SOLE   1,539,161 0 1,376,142
OCEAN RIG UDW INC SHS Y64354205 12,123 7,436,373 SH   SOLE   3,997,420 476,450 2,962,503
TEEKAY TANKERS LTD CL A Y8565N102 77,214 11,222,727 SH   SOLE   5,037,813 696,300 5,488,614
ABBVIE INC COM 00287Y109 1,542 26,037 SH   SOLE   15,600 0 10,437
ALCOA INC COM 013817101 36,947 3,743,308 SH   SOLE   1,433,300 0 2,310,008
ALLY FINL INC COM 02005N100 35,540 1,906,673 SH   SOLE   908,433 0 998,240
AMERICAN ELEC PWR INC COM 025537101 1,818 31,200 SH   SOLE   11,400 0 19,800
AMERICAN INTL GROUP INC COM NEW 026874784 26,977 435,325 SH   SOLE   284,000 0 151,325
ARGAN INC COM 04010E109 16,108 497,158 SH   SOLE   258,007 56,891 182,260
ARRIS GROUP INC NEW COM 04270V106 101,263 3,312,397 SH   SOLE   1,383,663 191,063 1,737,671
ASTRAZENECA PLC SPONSORED ADR 046353108 1,331 39,200 SH   SOLE   23,600 0 15,600
BP PLC SPONSORED ADR 055622104 13,112 419,414 SH   SOLE   268,614 0 150,800
BANK AMER CORP COM 060505104 57,561 3,420,006 SH   SOLE   2,245,636 0 1,174,370
CNX COAL RES LP COM UNIT RP LP 12592V100 2,658 286,744 SH   SOLE   286,744 0 0
CNO FINL GROUP INC COM 12621E103 155,256 8,132,815 SH   SOLE   3,778,522 349,046 4,005,247
CA INC COM 12673P105 80,801 2,829,117 SH   SOLE   1,359,507 0 1,469,610
CALLAWAY GOLF CO COM 131193104 8,654 918,444 SH   SOLE   445,408 116,400 356,636
CAMECO CORP COM 13321L108 5,100 413,609 SH   SOLE   274,750 0 138,859
CARPENTER TECHNOLOGY CORP COM 144285103 95,381 3,150,990 SH   SOLE   1,603,851 148,920 1,398,219
CATCHMARK TIMBER TR INC CL A 14912Y202 18,945 1,675,125 SH   SOLE   698,730 72,900 903,495
CHESAPEAKE ENERGY CORP COM 165167107 3,874 861,224 SH   SOLE   605,400 0 255,824
CHEVRON CORP NEW COM 166764100 1,800 20,000 SH   SOLE   20,000 0 0
CITIGROUP INC COM NEW 172967424 51,687 998,787 SH   SOLE   652,080 0 346,707
COCA COLA CO COM 191216100 460 10,700 SH   SOLE   7,000 0 3,700
CONAGRA FOODS INC COM 205887102 27,398 649,861 SH   SOLE   278,200 0 371,661
CONMED CORP COM 207410101 7,352 166,926 SH   SOLE   28,326 0 138,600
CONOCOPHILLIPS COM 20825C104 1,373 29,400 SH   SOLE   10,900 0 18,500
DEVON ENERGY CORP NEW COM 25179M103 829 25,900 SH   SOLE   25,900 0 0
ENOVA INTL INC COM 29357K103 7,862 1,189,070 SH   SOLE   308,388 95,042 785,640
ENTERGY CORP NEW COM 29364G103 36,668 536,393 SH   SOLE   252,628 0 283,765
EXELON CORP COM 30161N101 36,980 1,331,613 SH   SOLE   956,812 0 374,801
EZCORP INC CL A NON VTG 302301106 16,692 3,344,963 SH   SOLE   1,186,652 330,694 1,827,617
EXXON MOBIL CORP COM 30231G102 5,675 72,800 SH   SOLE   72,800 0 0
FEDEX CORP COM 31428X106 13,354 89,635 SH   SOLE   57,600 0 32,035
FIRST BANCORP N C COM 318910106 180 9,605 SH   SOLE   0 0 9,605
FIRST CTZNS BANCSHARES INC N CL A 31946M103 45,224 175,179 SH   SOLE   66,112 14,400 94,667
FIRST DATA CORP NEW COM CL A 32008D106 1,253 78,200 SH   SOLE   30,300 0 47,900
FIRST HORIZON NATL CORP COM 320517105 59,653 4,108,290 SH   SOLE   1,417,997 293,700 2,396,593
FLUOR CORP NEW COM 343412102 17,696 374,758 SH   SOLE   154,181 0 220,577
FLOWSERVE CORP COM 34354P105 1,611 38,300 SH   SOLE   15,600 0 22,700
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 49,225 3,101,790 SH   SOLE   1,091,592 240,381 1,769,817
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 78,552 2,861,655 SH   SOLE   1,016,566 199,741 1,645,348
GREAT PLAINS ENERGY INC COM 391164100 35,390 1,295,806 SH   SOLE   479,585 109,211 707,010
HP INC COM 40434L105 5,801 489,765 SH   SOLE   322,229 0 167,536
HARSCO CORP COM 415864107 28,058 3,560,376 SH   SOLE   1,399,152 235,600 1,925,624
HEALTH INS INNOVATIONS INC COM CL A 42225K106 5,711 852,550 SH   SOLE   413,304 103,946 335,300
HEWLETT PACKARD ENTERPRISE C COM 42824C109 7,291 479,565 SH   SOLE   312,529 0 167,036
HOLLYFRONTIER CORP COM 436106108 1,341 33,600 SH   SOLE   33,600 0 0
HOME DEPOT INC COM 437076102 15,721 118,875 SH   SOLE   83,200 0 35,675
ICONIX BRAND GROUP INC COM 451055107 39,257 5,747,736 SH   SOLE   1,937,168 419,300 3,391,268
INNOSPEC INC COM 45768S105 100,141 1,843,884 SH   SOLE   722,007 132,653 989,224
JPMORGAN CHASE & CO COM 46625H100 48,419 733,276 SH   SOLE   457,500 0 275,776
KBR INC COM 48242W106 175,176 10,353,378 SH   SOLE   5,118,101 378,200 4,857,077
KAISER ALUMINUM CORP COM PAR $0.01 483007704 36,537 436,751 SH   SOLE   177,324 35,375 224,052
KAPSTONE PAPER & PACKAGING C COM 48562P103 30,748 1,361,167 SH   SOLE   434,612 78,948 847,607
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 5,127 1,249,692 SH   SOLE   530,013 170,430 549,249
LENNAR CORP CL B 526057302 44,613 1,110,339 SH   SOLE   525,357 59,043 525,939
LEXMARK INTL NEW CL A 529771107 25,225 777,341 SH   SOLE   300,181 67,798 409,362
LILLY ELI & CO COM 532457108 58,885 698,860 SH   SOLE   455,864 0 242,996
LYON WILLIAM HOMES CL A NEW 552074700 20,531 1,244,230 SH   SOLE   627,270 146,300 470,660
MASTERCARD INC CL A 57636Q104 2,283 23,450 SH   SOLE   8,050 0 15,400
MERCER INTL INC COM 588056101 10,103 1,116,564 SH   SOLE   318,791 78,500 719,273
MERCK & CO INC NEW COM 58933Y105 41,458 784,873 SH   SOLE   509,700 0 275,173
MICROSOFT CORP COM 594918104 42,941 774,008 SH   SOLE   489,600 0 284,408
MILLER INDS INC TENN COM NEW 600551204 11,488 527,539 SH   SOLE   281,240 56,947 189,352
NATIONAL FUEL GAS CO N J COM 636180101 1,124 26,300 SH   SOLE   26,300 0 0
NELNET INC CL A 64031N108 15,179 452,208 SH   SOLE   148,093 30,600 273,515
NEXTERA ENERGY INC COM 65339F101 3,096 29,800 SH   SOLE   18,500 0 11,300
NORTHROP GRUMMAN CORP COM 666807102 41,206 218,243 SH   SOLE   142,500 0 75,743
OCEANEERING INTL INC COM 675232102 750 20,000 SH   SOLE   20,000 0 0
ORACLE CORP COM 68389X105 1,987 54,400 SH   SOLE   17,800 0 36,600
PPL CORP COM 69351T106 1,734 50,800 SH   SOLE   50,800 0 0
PARK STERLING CORP COM 70086Y105 21,785 2,976,199 SH   SOLE   1,443,284 339,717 1,193,198
PFIZER INC COM 717081103 56,058 1,736,560 SH   SOLE   1,146,500 0 590,060
PHILIP MORRIS INTL INC COM 718172109 32,319 367,646 SH   SOLE   197,400 0 170,246
PORTLAND GEN ELEC CO COM NEW 736508847 26,243 721,523 SH   SOLE   275,540 65,829 380,154
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,583 40,900 SH   SOLE   40,900 0 0
RMR GROUP INC CL A 74967R106 316 22,005 SH   SOLE   7,789 1,696 12,519
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 750 16,300 SH   SOLE   16,300 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 16,409 358,369 SH   SOLE   266,458 0 91,911
SCANA CORP NEW COM 80589M102 1,984 32,800 SH   SOLE   32,800 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 34,471 752,938 SH   SOLE   328,137 72,400 352,401
SEACOR HOLDINGS INC COM 811904101 947 18,017 SH   SOLE   18,017 0 0
SEMPRA ENERGY COM 816851109 1,476 15,700 SH   SOLE   15,700 0 0
STONE ENERGY CORP COM 861642106 213 49,600 SH   SOLE   49,600 0 0
SUNTRUST BKS INC COM 867914103 21,838 509,772 SH   SOLE   351,672 0 158,100
TENET HEALTHCARE CORP COM NEW 88033G407 19,067 629,242 SH   SOLE   207,089 46,021 376,132
TUPPERWARE BRANDS CORP COM 899896104 86,794 1,559,658 SH   SOLE   660,626 80,300 818,732
TYSON FOODS INC CL A 902494103 25,961 486,780 SH   SOLE   233,835 0 252,945
UFP TECHNOLOGIES INC COM 902673102 11,060 464,213 SH   SOLE   210,998 59,551 193,664
VERIZON COMMUNICATIONS INC COM 92343V104 2,326 50,322 SH   SOLE   14,147 0 36,175
VIRTUS INVT PARTNERS INC COM 92828Q109 50,255 427,828 SH   SOLE   137,716 30,638 259,474
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 7,287 225,880 SH   SOLE   149,388 0 76,492
VOYA FINL INC COM 929089100 24,878 674,005 SH   SOLE   351,555 0 322,450
WAL-MART STORES INC COM 931142103 18,846 307,456 SH   SOLE   199,300 0 108,156