13F-HR 1 bcm13f-hr20111231.txt 2011-12-31 BCM 13F-HR FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F-HR COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2011 Check here if Amendment: | |; Amendment Number: This Amendment (Check only one): | | is a restatement. | | adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Bares Capital Management, Inc. Address: 12600 Hill Country Blvd, Suite R-230 Austin, TX 78738 Form 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Brian T Bares Title: President Phone: 512-542-1083 Signature, Place, and Date of Signing: /s/Brian T Bares Brian T Bares Austin, Texas February 14, 2012 Report Type (Check one only): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 69 Form 13F Information Table Value Total: $389,505 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file nember(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------- ----------------- -------- --------------------------- ------ ------------------- INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) MARKET SHARED VALUE SOLE SHARED OTHER SOLE SHARED NONE SECURITY DESCRIPTION CLASS CUSIP SHARES ($000) (A) (B) (C) MGR (A) (B) (C) Advisory Board Co COM 762W107 69665 5170 X 69665 0 0 Alaska Communications Systems COM 01167P101 40700 123 X 40700 0 0 Alleghany Corp COM 17175100 894 255 X 894 0 0 AltiGen Communications Inc COM 21489109 267600 80 X 267600 0 0 American Express Company COM 25816109 9157 432 X 9157 0 0 American Public Education COM 2913V103 412817 17867 X 412817 0 0 American Science & Engin COM 29429107 154711 10537 X 154711 0 0 Ascent Capital Group CL A 43632108 5397 274 X 5397 0 0 Asure Software COM 4649U102 92623 590 X 92623 0 0 Automatic Data Processing COM 53015103 13915 752 X 13915 0 0 Berkshire Hathaway Inc CL A 84670108 9 1033 X 9 0 0 Berkshire Hathaway Inc CL B 84670207 12346 942 X 12346 0 0 Brookfield Asset Management Inc COM 112585104 33876 931 X 33876 0 0 Capital Southwest Corp COM 140501107 4817 393 X 4817 0 0 Central European Distribution COM 153435102 10300 45 X 10300 0 0 Choice Hotels International COM 169905106 10000 381 X 10000 0 0 Colfax Corporation COM 194014106 481587 13716 X 481587 0 0 Conagra Food Inc COM 205887102 10000 264 X 10000 0 0 ConocoPhillips COM 20825C104 30000 2186 X 30000 0 0 Contango Oil & Gas Co. COM 21075N204 6638 386 X 6638 0 0 Corporate Executive Board COM 21988R102 201715 7685 X 201715 0 0 Cover-All Technologies COM 222892101 40000 72 X 40000 0 0 Derma Sciences Inc COM 249827502 15000 114 X 15000 0 0 Emerson Electric Co COM 291011104 10353 482 X 10353 0 0 Exelon Corp COM 30161N101 5738 249 X 5738 0 0 Female Health Company COM 314462102 4140153 18672 X 4140153 0 0 Greenlight Capital Re LTD CL A G4095J109 28293 670 X 28293 0 0 Hallmark Financial Services COM 40624Q203 1906687 13328 X 1906687 0 0 HEICO Corp CL A 422806208 146402 5761 X 146402 0 0 Hospitality Properties Trust COM 44106M102 23915 550 X 23915 0 0 Interactive Intelligence Inc. COM 45839M103 2240267 51347 X 2240267 0 0 Interval Leisure Group COM 46113M108 629810 8572 X 629810 0 0 INTL FCStone Inc COM 459028106 2783103 65598 X 2783103 0 0 iShares Trust iBoxx Inv Grade CPBD CPBD 464287242 7178 817 X 7178 0 0 iShares Trust Treas Inflat US TIP B 464287176 5102 596 X 5102 0 0 Kinder Morgan Energy Partner LTD PTN 494550106 9600 816 X 9600 0 0 Kinder Morgan Management SHS 49455U100 3359 264 X 3359 0 0 Lockheed Martin Corporation COM 539830109 9358 757 X 9358 0 0 MakeMusic Inc COM 56086P202 46461 205 X 46461 0 0 Microsoft Corp. COM 594918104 31763 825 X 31763 0 0 Morningstar, Inc. COM 617700109 124288 7389 X 124288 0 0 National Retail Properties, Inc. COM 637417106 14000 369 X 14000 0 0 Occidental Petroleum COM 674599105 12000 1124 X 12000 0 0 Omega Flex, Inc. COM 682095104 533451 7538 X 533451 0 0 Pennsylvania Real Estate Invt SH BEN IN709102107 10155 106 X 10155 0 0 Pfizer Inc. COM 717081103 16579 359 X 16579 0 0 Pizza Inn Inc COM 725848105 163345 898 X 163345 0 0 PowerShares Global Trust Nat Muni 73936T474 54411 1330 X 54411 0 0 Psychemedics Corp COM 744375205 14240 130 X 14240 0 0 Reis Inc COM 75936P105 22350 204 X 22350 0 0 Sears Holdings Corp COM 812350106 14661 466 X 14661 0 0 Simulations Plus Inc COM 829214105 119398 357 X 119398 0 0 SPDR Series Trust-Inter Treas ETF 78464A516 17606 1036 X 17606 0 0 Stamps.com COM 852857200 456698 11934 X 456698 0 0 Stratasys Inc. COM 862685104 459896 13985 X 459896 0 0 Tandy Leather Factory Inc. COM 87538X105 1647336 8039 X 1647336 0 0 The Dolan Company COM 25659P402 3012769 25669 X 3012769 0 0 The Middleby Corp COM 596278101 118572 11151 X 118572 0 0 TravelCenters of America COM 894174101 30000 128 X 30000 0 0 Travelzoo Inc. COM 89421Q106 28699 705 X 28699 0 0 U S Global Investors Inc CL A 902952100 36523 220 X 36523 0 0 Utah Medical Products COM 917488108 412676 11142 X 412676 0 0 Vanguard Index ETF VALUE 922908744 6188 325 X 6188 0 0 Walgreen Co COM 931422109 9234 305 X 9234 0 0 Western Union Co COM 959802109 31172 569 X 31172 0 0 White Mountains Insurance Group COM G9618E107 586 266 X 586 0 0 Winmark Corp COM 974250102 848500 48678 X 848500 0 0 XCEL Energy Inc. COM 98389B100 26000 719 X 26000 0 0 Zimmer Holdings, Inc. COM 98956P102 11822 632 X 11822 0 0