Emerald Advisers 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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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
APPLIED OPTOELECTRONICS INC	COM	03823U102	2,268	226,800	SH		SOLE		182,430	0	44,370
APPLE INC	COM	037833100	3,221	6,757	SH		SOLE		6,757	0	0
ABAXIS INC	COM	002567105	8,254	195,977	SH		SOLE		153,261	0	42,716
ABBVIE INC	COM	00287Y109	330	7,373	SH		SOLE		7,373	0	0
AMERISOURCEBERGEN CORP	COM	03073E105	9,461	154,846	SH		SOLE		47,689	0	107,157
ABBOTT LABS	COM	002824100	210	6,333	SH		SOLE		6,333	0	0
ACADIA HEALTHCAREPANY INC	COM	00404A109	23,500	595,984	SH		SOLE		478,859	0	117,125
ACHILLION PHARMACEUTICALS INC	COM	00448Q201	395	130,919	SH		SOLE		123,736	0	7,183
ALLIANCE DATA SYS CORP	COM	018581108	1,949	9,215	SH		SOLE		8,511	0	704
AEGERION PHARMACEUTICALS INC	COM	00767E102	13,137	153,197	SH		SOLE		124,470	0	28,727
AMERICAN EAGLE OUTFITTERS INC.	COM	02553E106	5,257	375,798	SH		SOLE		38,170	0	337,628
ATLAS FINANCIAL HOLDINGS INC	COM	G06207115	2,286	223,210	SH		SOLE		21,860	0	201,350
AFLAC INC	COM	001055102	297	4,784	SH		SOLE		4,784	0	0
AMTRUST FINANCIAL SERVICES	COM	032359309	12,205	312,906	SH		SOLE		250,916	0	61,990
AMERICAN INTERNATIONAL GROUP INC	COM	026874784	510	10,494	SH		SOLE		10,494	0	0
AKORN INC	COM	009728106	22,413	1,138,848	SH		SOLE		859,718	0	279,130
ALNYLAM PHARMACEUTICALS INC	COM	02043Q107	24,519	383,054	SH		SOLE		317,433	0	65,621
AMETEK INC	COM	031100100	10,725	233,040	SH		SOLE		23,665	0	209,375
AFFILIATED MANAGERS GROUP INC	COM	008252108	3,197	17,502	SH		SOLE		16,173	0	1,329
AMGEN INC	COM	031162100	274	2,445	SH		SOLE		2,445	0	0
ANSYS INC	COM	03662Q105	15,205	175,736	SH		SOLE		17,799	0	157,937
APACHE CORP	COM	037411105	295	3,462	SH		SOLE		3,462	0	0
ANADARKO PETRO	COM	032511107	358	3,852	SH		SOLE		3,852	0	0
APOGEE ENTERPRISES INC	COM	037598109	4,660	157,262	SH		SOLE		121,356	0	35,906
APPROACH RESOURCES INC	COM	03834A103	989	37,626	SH		SOLE		35,200	0	2,426
AIRGAS INC	COM	009363102	2,750	25,930	SH		SOLE		2,360	0	23,570
ARUBA NETWORKS INC	COM	043176106	6,558	394,125	SH		SOLE		319,985	0	74,140
ATMEL CORPORATION	COM	049513104	670	90,111	SH		SOLE		83,210	0	6,901
AUXILIUM PHARMACEUTICALS INC	COM	05334D107	1,350	74,180	SH		SOLE		7,620	0	66,560
HOMEAWAY INC	COM	43739Q100	14,098	504,206	SH		SOLE		408,945	0	95,261
ARMSTRONG WORLD INDS INC	COM	04247X102	9,958	181,195	SH		SOLE		18,475	0	162,720
AMERICAN EXPRESS CO	COM	025816109	380	5,033	SH		SOLE		5,033	0	0
ACUITY BRANDS INC	COM	00508Y102	11,336	123,186	SH		SOLE		99,457	0	23,729
BOEING CO	COM	097023105	369	3,143	SH		SOLE		3,143	0	0
BANK OF AMER CORP	COM	060505104	354	25,630	SH		SOLE		25,630	0	0
DIVERSIFIED RSTRNT HLDGS INC	COM	25532M105	2,307	351,619	SH		SOLE		280,291	0	71,328
BEST BUY CO.	COM	086516101	1,604	42,774	SH		SOLE		39,685	0	3,089
BRUNSWICK CORP	COM	117043109	2,706	67,813	SH		SOLE		63,186	0	4,627
BOISE CASCADE CO	COM	09739D100	1,523	56,528	SH		SOLE		52,668	0	3,860
BRIGHTCOVE	COM	10921T101	9,041	803,602	SH		SOLE		640,566	0	163,036
BLACK DIAMOND INC	COM	09202G101	9,324	766,760	SH		SOLE		615,248	0	151,512
BRANDYWINE RLTY TR SH BEN INT	COM	105368203	5,564	422,190	SH		SOLE		36,640	0	385,550
BIOTELEMETRY INC	COM	090672106	2,522	254,500	SH		SOLE		26,100	0	228,400
BE AEROSPACE INC	COM	073302101	2,617	35,451	SH		SOLE		32,755	0	2,696
BIND THERAPEUTICS INC	COM	05548N107	2,967	210,140	SH		SOLE		178,180	0	31,960
BIOSCRIPT INC	COM	09069N108	4,974	566,554	SH		SOLE		566,554	0	0
BJ`S RESTAURANT INC	COM	09180C106	5,508	192,114	SH		SOLE		152,408	0	39,706
BANK OF NEW YORK MELLON CORPORATION	COM	064058100	209	6,929	SH		SOLE		6,929	0	0
BLACKROCK INC CL A	COM	09247X101	209	773	SH		SOLE		773	0	0
INFOBLOX INC	COM	45672H104	22,217	531,257	SH		SOLE		412,162	0	119,095
BRYN MAWR BK CORP	COM	117665109	6,340	235,065	SH		SOLE		27,506	0	207,559
BON-TON STORES INC	COM	09776J101	838	79,403	SH		SOLE		8,116	0	71,287
BERKSHIRE HATHAWAY INC DEL CL B	COM	084670702	1,482	13,060	SH		SOLE		13,060	0	0
BURNHAM HLDGS INC CL A	COM	122295108	1,219	66,620	SH		SOLE		5,490	0	61,130
THE BLACKSTONE GROUP	COM	09253U108	898	36,077	SH		SOLE		33,614	0	2,463
CITIGROUP INC	COM	172967424	656	13,520	SH		SOLE		13,520	0	0
CAMERON INTERNATIONAL CORP	COM	13342B105	2,208	37,832	SH		SOLE		35,166	0	2,666
CALAMP CORP	COM	128126109	6,833	388,023	SH		SOLE		317,833	0	70,190
CATERPILLAR INC	COM	149123101	320	3,837	SH		SOLE		3,837	0	0
CAVIUM INC	COM	14964U108	13,553	328,963	SH		SOLE		200,499	0	128,464
CHICAGO BRIDGE & IRON CO N Y REGISTRY SH	COM	167250109	3,408	50,288	SH		SOLE		46,851	0	3,437
CHRISTOPHER & BANKS COPR	COM	171046105	5,826	807,980	SH		SOLE		640,623	0	167,357
CAMBREX	COM	132011107	9,275	702,653	SH		SOLE		574,177	0	128,476
CCFNB BANCORP INC	COM	124880105	515	13,871	SH		SOLE		1,407	0	12,464
CROWN HOLDINGS INC	COM	228368106	5,426	128,341	SH		SOLE		13,626	0	114,715
CNB FINL CORP PA	COM	126128107	5,433	318,671	SH		SOLE		32,486	0	286,185
CHICOS FAS	COM	168615102	833	50,015	SH		SOLE		46,181	0	3,834
CHUY`S HOLDINGS INC	COM	171604101	6,539	182,184	SH		SOLE		143,774	0	38,410
COBALT INTL ENERGY INC	COM	19075F106	608	24,458	SH		SOLE		22,583	0	1,875
CIENA CORP	COM	171779309	9,880	395,063	SH		SOLE		324,323	0	70,740
CARMIKE CINEMAS INC	COM	143436400	5,393	244,260	SH		SOLE		197,702	0	46,558
COLGATE PALMOLIVE CO	COM	194162103	201	3,393	SH		SOLE		3,393	0	0
CELLDEX THERAPEUTICS INC	COM	15117B103	16,143	455,619	SH		SOLE		313,876	0	141,743
COMCAST CORP CL A	COM	20030N101	717	15,883	SH		SOLE		15,883	0	0
COBIZ INC	COM	190897108	6,804	704,344	SH		SOLE		572,518	0	131,826
CAPITAL ONE FINL CORP	COM	14040H105	369	5,372	SH		SOLE		5,372	0	0
CABOT OIL & GAS CORP	COM	127097103	719	19,260	SH		SOLE		17,814	0	1,446
CONOCOPHILLIPS	COM	20825C104	817	11,751	SH		SOLE		11,751	0	0
CEPHEID	COM	15670R107	13,563	347,410	SH		SOLE		269,153	0	78,257
SALESFORCE.COM INC	COM	79466L302	1,719	33,109	SH		SOLE		30,866	0	2,243
CARPENTER TECHNOLOGY CORP	COM	144285103	2,022	34,800	SH		SOLE		2,870	0	31,930
CISCO SYS INC	COM	17275R102	611	26,091	SH		SOLE		26,091	0	0
CORNERSTONE ONDEMAND INC	COM	21925Y103	5,541	107,723	SH		SOLE		100,421	0	7,302
CONTROL4 CORP	COM	21240D107	2,572	148,516	SH		SOLE		122,176	0	26,340
CITRIX SYS INC	COM	177376100	1,830	25,914	SH		SOLE		24,022	0	1,892
CUBESMART	COM	229663109	11,472	643,070	SH		SOLE		65,870	0	577,200
CUSTOMERS BANCORP INC	COM	23204G100	11,446	710,943	SH		SOLE		197,745	0	513,198
CVS CORP	COM	126650100	364	6,407	SH		SOLE		6,407	0	0
CHEVRONTEXACO CORPORATION	COM	166764100	2,226	18,321	SH		SOLE		18,321	0	0
CONCHO RESOURCES INC	COM	20605P101	1,660	15,253	SH		SOLE		14,084	0	1,169
CYAN INC	COM	23247W104	4,820	479,566	SH		SOLE		393,276	0	86,290
CITIZENS FINL SVCS INC	COM	174615104	1,950	41,480	SH		SOLE		4,415	0	37,065
CITIZENS & NORTHERN CORP	COM	172922106	1,970	98,815	SH		SOLE		10,010	0	88,805
3-D SYS CORP DEL	COM	88554D205	7,140	132,242	SH		SOLE		106,016	0	26,226
DEERE & CO	COM	244199105	284	3,485	SH		SOLE		3,485	0	0
DISCOVER FINL SVCS	COM	254709108	523	10,358	SH		SOLE		10,358	0	0
DONEGAL GROUP INC J CL A	COM	257701201	1,653	118,166	SH		SOLE		12,127	0	106,039
DISNEY WALT PRODTNS	COM	254687106	544	8,428	SH		SOLE		8,428	0	0
DICKS SPORTING GOODS INC	COM	253393102	10,409	194,993	SH		SOLE		45,625	0	149,368
DOLLAR TREE INC	COM	256746108	1,766	30,889	SH		SOLE		28,780	0	2,109
PHYSICIANS REALTY TRUST	COM	71943U104	1,054	86,990	SH		SOLE		8,890	0	78,100
DORMAN PRODUCTS INC	COM	258278100	4,994	100,786	SH		SOLE		10,295	0	90,491
DOW CHEMCIAL CO	COM	260543103	248	6,452	SH		SOLE		6,452	0	0
DIRECTV	COM	25490A309	238	3,973	SH		SOLE		3,973	0	0
CHANNELADVISOR CORP	COM	159179100	3,141	85,760	SH		SOLE		69,740	0	16,020
8X8 INC NEW	COM	282914100	11,246	1,116,768	SH		SOLE		903,081	0	213,687
ENERSYS	COM	29275Y102	2,906	47,933	SH		SOLE		4,883	0	43,050
EMERALD OIL INC	COM	29101U209	899	125,000	SH		SOLE		16,880	0	108,120
EPAM SYSTEMS INC	COM	29414B104	32,444	940,418	SH		SOLE		407,635	0	532,783
EQT CORP	COM	26884L109	5,166	58,226	SH		SOLE		6,181	0	52,045
ERIE INDTY CO CL A	COM	29530P102	2,651	36,584	SH		SOLE		3,765	0	32,819
ENVIRONMENTAL TECTONICS CORP	COM	294092101	421	211,585	SH		SOLE		0	0	211,585
ENTERCOMMUNICATIONS CORP	COM	293639100	5,542	631,192	SH		SOLE		65,063	0	566,129
EVERBANK FINL CORP	COM	29977G102	3,185	212,616	SH		SOLE		158,679	0	53,937
EVERCORE PARTNERS INC-CL A	COM	29977A105	10,991	223,252	SH		SOLE		181,643	0	41,609
EAGLE MATLS INC	COM	26969P108	3,494	48,156	SH		SOLE		44,797	0	3,359
FORD MTR CO DEL PAR $0.01	COM	345370860	450	26,698	SH		SOLE		26,698	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	17,680	414,632	SH		SOLE		337,799	0	76,833
FARO TECHNOLOGIES INC	COM	311642102	5,780	137,066	SH		SOLE		111,097	0	25,969
FIRST BUS FINL SVCS INC WIS	COM	319390100	1,660	50,857	SH		SOLE		4,433	0	46,424
FREEPORT MCMORAN COPPER & GOLD CL B	COM	35671D857	270	8,150	SH		SOLE		8,150	0	0
FIREYE INC	COM	31816Q101	261	6,280	SH		SOLE		5,111	0	1,169
FRANK`S INTERNATIONAL N.V.	COM	N33462107	596	19,904	SH		SOLE		18,384	0	1,520
FIVE BELOW	COM	33829M101	17,150	392,265	SH		SOLE		206,196	0	186,069
FOUNDATION MEDICINE INC	COM	350465100	739	18,650	SH		SOLE		15,100	0	3,550
F N B CORP PA	COM	302520101	2,959	243,935	SH		SOLE		24,935	0	219,000
FINANCIAL ENGINES INC	COM	317485100	4,520	76,043	SH		SOLE		58,884	0	17,159
FIFTH & PACIFICPANIES INC	COM	316645100	12,895	513,136	SH		SOLE		417,816	0	95,320
FINISAR CORP	COM	31787A507	2,541	112,268	SH		SOLE		104,608	0	7,660
TWENTY FIRST CENTURY FOX CLASS A	COM	90130A101	602	17,968	SH		SOLE		17,968	0	0
FRANCESCAS HLDGS CORP	COM	351793104	3,731	200,355	SH		SOLE		160,283	0	40,072
REPUBLIC FIRST BANCORP INC	COM	760416107	486	152,210	SH		SOLE		14,693	0	137,517
LB FOSTER CO	COM	350060109	3,444	75,294	SH		SOLE		7,750	0	67,544
FORTINET INC	COM	34959E109	850	41,930	SH		SOLE		38,693	0	3,237
FULTON FINL CORP PA	COM	360271100	870	74,488	SH		SOLE		7,611	0	66,877
FOX CHASE BANCORP INC NEW	COM	35137T108	3,807	218,797	SH		SOLE		28,054	0	190,743
GOODRICH PETROLEUM CORP	COM	382410405	1,321	54,371	SH		SOLE		54,371	0	0
GENERAL ELEC CO	COM	369604103	960	40,185	SH		SOLE		40,185	0	0
SYNAGEVA BIOPHARMA CORP	COM	87159A103	10,301	162,497	SH		SOLE		131,553	0	30,944
GLOBAL GEOPHYSICAL SVCS INC	COM	37946S107	178	65,555	SH		SOLE		65,555	0	0
GILEAD SCIENCES INC	COM	375558103	225	3,586	SH		SOLE		3,586	0	0
GIGAMON INC	COM	37518B102	3,478	90,020	SH		SOLE		70,674	0	19,346
GNC HOLDINGS INC	COM	36191G107	12,048	220,532	SH		SOLE		55,358	0	165,174
GENWORTH FINANCIAL INC	COM	37247D106	1,792	140,020	SH		SOLE		130,458	0	9,562
GOOGLE INC CL A	COM	38259P508	1,246	1,422	SH		SOLE		1,422	0	0
GULFPORT ENERGY CORP	COM	402635304	26,378	409,978	SH		SOLE		285,687	0	124,291
G A P INC	COM	364760108	1,454	36,092	SH		SOLE		33,573	0	2,519
GLIMCHER RLTY TR SH BEN INT	COM	379302102	5,800	594,835	SH		SOLE		385,595	0	209,240
GOLDMAN SACHS GROUP INC	COM	38141G104	1,037	6,557	SH		SOLE		6,557	0	0
GSV CAP CORP	COM	36191J101	10,038	677,337	SH		SOLE		533,780	0	143,557
CHART INDS INC PAR $0.01	COM	16115Q308	3,790	30,804	SH		SOLE		24,982	0	5,822
GUIDEWIRE SOFTWARE INC	COM	40171V100	6,759	143,481	SH		SOLE		116,571	0	26,910
BLACKHAWK NETWORK HOLDINGS INC	COM	09238E104	4,777	198,811	SH		SOLE		159,811	0	39,000
HEALTHCARE SVCS GROUP INC	COM	421906108	2,797	108,577	SH		SOLE		11,017	0	97,560
HOME DEPOT INC	COM	437076102	440	5,803	SH		SOLE		5,803	0	0
H&E EQUIPMENT SERVICES INC	COM	404030108	7,349	276,688	SH		SOLE		215,579	0	61,109
HESS CORP	COM	42809H107	306	3,962	SH		SOLE		3,962	0	0
HEALTH INSURANCE INOVATIONS	COM	42225K106	1,296	108,442	SH		SOLE		85,346	0	23,096
HERBALIFE LTD USD SHS	COM	G4412G101	2,445	35,037	SH		SOLE		32,685	0	2,352
HONEYWELL INTL INC	COM	438516106	231	2,779	SH		SOLE		2,779	0	0
HERSHA HOSPITALITY TR PRIORITY A SHS	COM	427825104	6,051	1,082,459	SH		SOLE		118,556	0	963,903
I B M	COM	459200101	1,147	6,192	SH		SOLE		6,192	0	0
ICG GROUP INC	COM	44928D108	5,160	363,651	SH		SOLE		38,788	0	324,863
INTERCEPT PHARMACEUTICAL	COM	45845P108	11,704	169,543	SH		SOLE		139,744	0	29,799
II-VI INC	COM	902104108	4,216	224,239	SH		SOLE		22,998	0	201,241
IMPERVA INC	COM	45321L100	10,960	260,820	SH		SOLE		214,311	0	46,509
INFORMATICA CORP	COM	45666Q102	2,564	65,785	SH		SOLE		61,101	0	4,684
INFINITY PHARMACEUTICALS INC	COM	45665G303	4,597	263,754	SH		SOLE		212,424	0	51,330
INGREDION INC	COM	457187102	993	15,005	SH		SOLE		13,980	0	1,025
SUMMIT HOTEL PROPERTIES INC	COM	866082100	4,010	436,309	SH		SOLE		401,302	0	35,007
INSYS THERAPEUTICS INC	COM	45824V209	12,141	346,984	SH		SOLE		280,111	0	66,873
INTEL CORP	COM	458140100	692	30,185	SH		SOLE		30,185	0	0
INTEROIL CORP	COM	460951106	2,294	32,169	SH		SOLE		29,982	0	2,187
IPG PHOTONICS CORP	COM	44980X109	13,143	233,231	SH		SOLE		166,431	0	66,800
INPHI CORP	COM	45772F107	6,402	476,702	SH		SOLE		375,072	0	101,630
ISIS PHARMACEUTICALS INC	COM	464330109	11,485	305,945	SH		SOLE		250,854	0	55,091
ILL TOOL WORKS	COM	452308109	204	2,673	SH		SOLE		2,673	0	0
JACK IN THE BOX INC	COM	466367109	7,623	190,614	SH		SOLE		156,836	0	33,778
JARDEN CORP	COM	471109108	2,663	55,011	SH		SOLE		50,793	0	4,218
JAZZ PHARMACEUTICALS PLC SHS	COM	G50871105	15,474	168,254	SH		SOLE		124,787	0	43,467
JIVE SOFTWARE INC	COM	47760A108	8,780	702,403	SH		SOLE		556,602	0	145,801
JOHNSON & JOHNSON	COM	478160104	857	9,889	SH		SOLE		9,889	0	0
JPMORGAN CHASE & CO	COM	46625H100	1,846	35,710	SH		SOLE		35,710	0	0
KIRBY CORP	COM	497266106	1,650	19,062	SH		SOLE		17,761	0	1,301
COCA COLA CO	COM	191216100	837	22,103	SH		SOLE		22,103	0	0
KOPPERS HOLDINGS INC	COM	50060P106	3,960	92,859	SH		SOLE		9,488	0	83,371
MICHAEL KORS HOLDINGS LTD	COM	G60754101	2,205	29,589	SH		SOLE		27,571	0	2,018
QUAKER CHEM CORP	COM	747316107	7,148	97,852	SH		SOLE		8,627	0	89,225
LITHIA MOTORS-A	COM	536797103	11,390	156,114	SH		SOLE		123,175	0	32,939
LENNAR CORP	COM	526057104	1,388	39,218	SH		SOLE		36,213	0	3,005
LUMBER LIQUIDATORS HOLDINGS INC	COM	55003T107	13,475	126,350	SH		SOLE		102,595	0	23,755
LILLY, ELI ANDPANY	COM	532457108	335	6,650	SH		SOLE		6,650	0	0
LIBERTY MEDIA CORP	COM	531229102	569	3,867	SH		SOLE		3,867	0	0
LOCKHEED MARTIN CORP	COM	539830109	241	1,888	SH		SOLE		1,888	0	0
CHENIERE ENERGY INC	COM	16411R208	1,378	40,369	SH		SOLE		37,512	0	2,857
LINKEDIN CORP	COM	53578A108	1,444	5,870	SH		SOLE		5,411	0	459
LIPOSCIENCE INC	COM	53630M108	2,029	405,796	SH		SOLE		331,149	0	74,647
LAREDO PETROLEUM HOLDINGS INC	COM	516806106	413	13,927	SH		SOLE		12,859	0	1,068
LIBERTY PPTY TR SH BEN INT	COM	531172104	1,881	52,825	SH		SOLE		4,795	0	48,030
MASTERCARD INC CL A	COM	57636Q104	257	382	SH		SOLE		382	0	0
MATTHEWS INTL CORP CL A	COM	577128101	4,972	130,568	SH		SOLE		13,964	0	116,604
MCDONALDS CORP	COM	580135101	445	4,629	SH		SOLE		4,629	0	0
MICROS SYSTEMS INC	COM	594901100	704	14,087	SH		SOLE		13,007	0	1,080
MEDTRONIC INC	COM	585055106	238	4,468	SH		SOLE		4,468	0	0
MULTIMEDIA GAMES INC	COM	625453105	14,845	429,680	SH		SOLE		405,043	0	24,637
MCGRAW HILL FINANCIAL INC	COM	580645109	2,136	32,564	SH		SOLE		30,070	0	2,494
MAGNUM HUNTER RES CORP DEL	COM	55973B102	20,991	3,402,187	SH		SOLE		2,856,322	0	545,865
MIDDLEBY CORP	COM	596278101	19,922	95,363	SH		SOLE		75,695	0	19,668
3M CO	COM	88579Y101	359	3,009	SH		SOLE		3,009	0	0
ALTRIA GROUP INC	COM	02209S103	377	10,978	SH		SOLE		10,978	0	0
MARATHON PETE CORP	COM	56585A102	241	3,743	SH		SOLE		3,743	0	0
MERCK &PANY	COM	58933Y105	344	7,227	SH		SOLE		7,227	0	0
MARATHON OIL CORP	COM	565849106	341	9,781	SH		SOLE		9,781	0	0
MICROSEMI CORP	COM	595137100	2,649	109,230	SH		SOLE		84,097	0	25,133
MICROSOFT CORP	COM	594918104	1,457	43,792	SH		SOLE		43,792	0	0
MERITAGE CORP	COM	59001A102	10,539	245,377	SH		SOLE		197,154	0	48,223
MICRON TECHNOLOGY INC	COM	595112103	4,440	254,178	SH		SOLE		236,600	0	17,578
MWI VETERINARY SUPPLY INC	COM	55402X105	42,798	286,544	SH		SOLE		197,351	0	89,193
MYLAN LABS INC	COM	628530107	8,510	222,959	SH		SOLE		22,699	0	200,260
NEONODE INC	COM	64051M402	2,259	351,906	SH		SOLE		288,576	0	63,330
NETFLIX INC	COM	64110L106	417	1,349	SH		SOLE		1,246	0	103
NIKE INC CL B	COM	654106103	203	2,801	SH		SOLE		2,801	0	0
ANNALY CAPITAL MANAGEMENT	COM	035710409	186	16,101	SH		SOLE		16,101	0	0
NATIONAL PENN BANCSHARES INCCOM	COM	637138108	5,011	498,610	SH		SOLE		51,540	0	447,070
NPS PHARMACEUTICALS INC	COM	62936P103	43,306	1,361,391	SH		SOLE		1,018,877	0	342,514
NANOSTRING TECHNOLOGIES INC	COM	63009R109	4,215	383,212	SH		SOLE		314,468	0	68,744
NUTRI SYS INC NEW	COM	67069D108	1,112	77,306	SH		SOLE		6,337	0	70,969
NORTHUMBERLAND BANCORP	COM	667056105	307	9,739	SH		SOLE		801	0	8,938
NORTHWEST BANCSHARES INC MD	COM	667340103	2,829	214,140	SH		SOLE		19,333	0	194,807
NEXSTAR BROADCASTING GROUP ICL A	COM	65336K103	11,335	254,680	SH		SOLE		25,722	0	228,958
OCWEN FINL CORP	COM	675746309	2,470	44,293	SH		SOLE		41,262	0	3,031
OMNICELL INC	COM	68213N109	6,236	263,327	SH		SOLE		208,879	0	54,448
ONCONOVA THERAPEUTICS INC	COM	68232V108	6,900	260,669	SH		SOLE		26,616	0	234,053
ORGANOVO HOLDINGS INC	COM	68620A104	1,597	276,730	SH		SOLE		224,520	0	52,210
ORACLE SYS CORP	COM	68389X105	790	23,822	SH		SOLE		23,822	0	0
ORRSTOWN FINL SVCS INC	COM	687380105	4,415	253,000	SH		SOLE		23,439	0	229,561
OCCIDENTAL PETE CORP	COM	674599105	400	4,274	SH		SOLE		4,274	0	0
BANK OF THE OZARKS INC	COM	063904106	20,807	434,027	SH		SOLE		356,393	0	77,634
PENSKE AUTO GROUP	COM	70959W103	13,566	317,492	SH		SOLE		261,869	0	55,623
PALO ALTO NETWORKS, INC	COM	697435105	2,213	48,289	SH		SOLE		44,996	0	3,293
PEP BOYS MANNY MOE & JACK	COM	713278109	4,516	362,169	SH		SOLE		36,860	0	325,309
PDF SOLUTIONS INC	COM	693282105	3,207	151,049	SH		SOLE		123,561	0	27,488
PENNSYLVANIA REAL ESTATE INVSHS BEN INT	COM	709102107	5,716	305,691	SH		SOLE		31,075	0	274,616
PENN NATL GAMING INC	COM	707569109	4,352	78,604	SH		SOLE		7,979	0	70,625
PEPSICO INC	COM	713448108	471	5,926	SH		SOLE		5,926	0	0
PFIZER INC	COM	717081103	798	27,795	SH		SOLE		27,795	0	0
PENSECO FINL SRVCS CORP	COM	709570105	1,519	34,641	SH		SOLE		3,134	0	31,507
PROOFPOINT INC	COM	743424103	11,482	357,466	SH		SOLE		292,140	0	65,326
PROCTER & GAMBLEPANY	COM	742718109	780	10,325	SH		SOLE		10,325	0	0
PGT, INC.	COM	69336V101	106	10,740	SH		SOLE		10,740	0	0
PHOTOMEDEX INC	COM	719358301	2,155	135,550	SH		SOLE		14,078	0	121,472
PHILIP MORRIS INTL INC	COM	718172109	709	8,192	SH		SOLE		8,192	0	0
PNC FINANCIAL CORP	COM	693475105	267	3,686	SH		SOLE		3,686	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	5,338	397,670	SH		SOLE		325,952	0	71,718
PACIFIC SUNWEAR CALIF INC	COM	694873100	202	66,950	SH		SOLE		66,950	0	0
PHILLIPS 66	COM	718546104	397	6,867	SH		SOLE		6,867	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	7,265	271,575	SH		SOLE		220,224	0	51,351
PENN VIRGINIA CORP	COM	707882106	2,157	324,330	SH		SOLE		32,750	0	291,580
PENNS WOODS BANCORP INC	COM	708430103	1,055	21,180	SH		SOLE		2,374	0	18,806
QUANTA SVCS INC	COM	74762E102	2,174	79,028	SH		SOLE		73,509	0	5,519
PIONEER NAT RES CO	COM	723787107	2,301	12,187	SH		SOLE		11,253	0	934
QUALCOMM INC	COM	747525103	545	8,098	SH		SOLE		8,098	0	0
QLIK TECHNOLOGIES INC	COM	74733T105	19,848	579,843	SH		SOLE		283,516	0	296,327
RALLY SOFTWARE DEVELOPMENT CO	COM	751198102	10,188	340,052	SH		SOLE		281,542	0	58,510
REX ENERGY CORPORATION	COM	761565100	28,831	1,291,780	SH		SOLE		548,773	0	743,007
REGIONS FINANCIAL CORP NEW	COM	7591EP100	1,609	173,801	SH		SOLE		161,932	0	11,869
REGULUS THERAPEUTICS INC	COM	75915K101	3,539	375,307	SH		SOLE		317,595	0	57,712
RESTORATION HARDWARE HLDGS	COM	761283100	4,990	78,761	SH		SOLE		62,966	0	15,795
ROCK-TENN CL A	COM	772739207	2,145	21,183	SH		SOLE		19,701	0	1,482
REALOGY HOLDINGS CORP	COM	75605Y106	1,315	30,566	SH		SOLE		28,478	0	2,088
ROSS STORES INC	COM	778296103	2,101	28,857	SH		SOLE		26,647	0	2,210
RED ROBIN GOURMET BURGERS INC	COM	75689M101	12,713	178,798	SH		SOLE		144,802	0	33,996
ROADRUNNER TRNSN SVCS HLDG	COM	76973Q105	20,913	740,531	SH		SOLE		545,952	0	194,579
RYLAND GROUP INC	COM	783764103	2,272	56,052	SH		SOLE		52,226	0	3,826
SABA SOFTWARE	COM	784932600	8,011	790,037	SH		SOLE		611,469	0	178,568
RETAILMENOT INC	COM	76132B106	1,381	38,820	SH		SOLE		32,040	0	6,780
SPIRIT AIRLS INC	COM	848577102	26,472	772,468	SH		SOLE		644,108	0	128,360
SBAMUNICATIONS CORP CL A	COM	78388J106	1,349	16,760	SH		SOLE		15,477	0	1,283
SINCLAIR BROADCAST GROUP INCCL A	COM	829226109	26,257	783,338	SH		SOLE		626,402	0	156,936
STARBUCKS CORP	COM	855244109	406	5,269	SH		SOLE		5,269	0	0
SELECT COMFORT CORPORATION	COM	81616X103	4,702	196,510	SH		SOLE		159,940	0	36,570
SELECT MEDICAL HOLDINGS CORP	COM	81619Q105	4,076	505,019	SH		SOLE		51,482	0	453,537
SVB FINL GROUP	COM	78486Q101	16,825	194,796	SH		SOLE		158,437	0	36,359
SCHLUMBERGER	COM	806857108	698	7,903	SH		SOLE		7,903	0	0
SANCHEZ ENERGY CORP	COM	79970Y105	3,726	141,070	SH		SOLE		114,700	0	26,370
STANDARD PAC CORP NEW	COM	85375C101	5,540	700,319	SH		SOLE		570,513	0	129,806
SAREPTA THERAPEUTICS INC	COM	803607100	18,093	383,073	SH		SOLE		307,085	0	75,988
S & T BANCORP INC	COM	783859101	3,509	144,891	SH		SOLE		14,128	0	130,763
SUSQUEHANNA BANCSHARES INC	COM	869099101	10,683	852,633	SH		SOLE		89,378	0	763,255
SYNALLOY CORPORATION	COM	871565107	1,638	100,000	SH		SOLE		10,270	0	89,730
A T & T INC	COM	00206R102	543	16,046	SH		SOLE		16,046	0	0
TEXAS CAPITAL BANCSHARES INC	COM	88224Q107	3,154	68,734	SH		SOLE		45,653	0	23,081
TELEFLEX INC	COM	879369106	3,884	47,203	SH		SOLE		4,785	0	42,418
TRIUMPH GROUP INC	COM	896818101	2,121	30,204	SH		SOLE		3,099	0	27,105
TARGET CORP	COM	87612E106	229	3,573	SH		SOLE		3,573	0	0
THORATEC LABS CORP	COM	885175307	4,354	116,760	SH		SOLE		100,800	0	15,960
TILLY`S INC-CLASS A SHRS	COM	886885102	4,291	295,739	SH		SOLE		229,417	0	66,322
TAYLOR MORRISON HOME CORP	COM	87724P106	7,524	332,197	SH		SOLE		201,246	0	130,951
TOLL BROS INC	COM	889478103	10,387	320,300	SH		SOLE		51,259	0	269,041
TRIBUNE COMPANY	COM	896047503	1,828	28,974	SH		SOLE		26,752	0	2,222
TREX INC	COM	89531P105	21,051	425,010	SH		SOLE		329,505	0	95,505
ST PAUL TRAVELERS COS INC	COM	89417E109	224	2,642	SH		SOLE		2,642	0	0
TRISTATE CAPITAL HOLDINGS	COM	89678F100	3,415	264,968	SH		SOLE		28,655	0	236,313
TILE SHOP HLDGS INC	COM	88677Q109	10,296	349,140	SH		SOLE		284,164	0	64,976
TIME WARNER INC	COM	887317303	306	4,650	SH		SOLE		4,650	0	0
TEXAS ROADHOUSE INC CL A	COM	882681109	236	8,962	SH		SOLE		8,962	0	0
UNIVERSAL HEALTH SVCS INC CL B	COM	913903100	4,371	58,290	SH		SOLE		5,910	0	52,380
ULTA SALON COSMETICS & FRAGR	COM	90384S303	5,662	47,395	SH		SOLE		30,903	0	16,492
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	20,265	137,480	SH		SOLE		90,183	0	47,297
UNITEDHEALTH GROUP INC	COM	91324P102	462	6,446	SH		SOLE		6,446	0	0
UNION PAC CORP	COM	907818108	361	2,324	SH		SOLE		2,324	0	0
UNI PIXEL INC	COM	904572203	2,482	140,094	SH		SOLE		111,328	0	28,766
URBAN OUTFITTERS INC	COM	917047102	3,886	105,695	SH		SOLE		10,830	0	94,865
UNITED RENTALS INC	COM	911363109	2,179	37,380	SH		SOLE		34,784	0	2,596
US BANCORP DEL	COM	902973304	433	11,825	SH		SOLE		11,825	0	0
USG CORP	COM	903293405	12,385	433,332	SH		SOLE		351,472	0	81,860
UNITED TECHNOLOGIES CORP	COM	913017109	428	3,967	SH		SOLE		3,967	0	0
UNIVEST CORP PA	COM	915271100	1,082	57,419	SH		SOLE		5,177	0	52,242
VISA INC-CLASS A	COM	92826C839	414	2,169	SH		SOLE		2,169	0	0
VALERO ENERGY CORP	COM	91913Y100	1,399	40,952	SH		SOLE		38,620	0	2,332
VIROPHARMA INC	COM	928241108	9,225	234,960	SH		SOLE		23,953	0	211,007
VERTEX PHARM	COM	92532F100	2,677	35,310	SH		SOLE		32,831	0	2,479
VISHAY INTERTECHNOLOGY INC	COM	928298108	4,371	339,105	SH		SOLE		34,679	0	304,426
VERASTEM INC	COM	92337C104	8,327	668,874	SH		SOLE		557,263	0	111,611
VERIZONMUNICATIONS	COM	92343V104	644	13,791	SH		SOLE		13,791	0	0
WABTEC CORPORATION	COM	929740108	17,881	284,416	SH		SOLE		62,626	0	221,790
WALGREENPANY	COM	931422109	208	3,868	SH		SOLE		3,868	0	0
WESCO AIRCRAFT HOLDINGS	COM	950814103	12,532	598,751	SH		SOLE		504,428	0	94,323
WESCO INTL INC	COM	95082P105	18,674	244,012	SH		SOLE		143,215	0	100,797
WALKER & DUNLOP INC	COM	93148P102	5,982	376,021	SH		SOLE		302,035	0	73,986
WELLS FARGO	COM	949746101	1,679	40,622	SH		SOLE		40,622	0	0
WELLPOINT INC	COM	94973V107	212	2,538	SH		SOLE		2,538	0	0
WAL MART STORES INC	COM	931142103	1,416	19,146	SH		SOLE		19,146	0	0
WEST PHARMACEUTICAL SVCS INC	COM	955306105	9,337	226,890	SH		SOLE		23,050	0	203,840
AQUA AMERICA INC	COM	03836W103	5,853	236,696	SH		SOLE		24,695	0	212,001
WYNN RESORTS LTD	COM	983134107	1,871	11,844	SH		SOLE		11,054	0	790
EXXON CORPORATION	COM	30231G102	3,409	39,617	SH		SOLE		39,617	0	0
INTREXON CORP	COM	46122T102	7,043	297,295	SH		SOLE		211,033	0	86,262
EXONE CO	COM	302104104	320	7,500	SH		SOLE		665	0	6,835
DENTSPLY INTL INC	COM	249030107	1,029	23,704	SH		SOLE		2,213	0	21,491
IXIA	COM	45071R109	11,470	731,946	SH		SOLE		587,579	0	144,367
YAHOO INC	COM	984332106	350	10,564	SH		SOLE		10,564	0	0