Income Taxes

3 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

INCOME TAXES

Income Taxes

The Company has estimated PHL’s income tax benefit for the three months ended March 31, 2012 using an estimated combined federal and state statutory tax rate of 40.2%. As of March 31, 2012, the Company had deferred tax assets of $2.7 million primarily due to current period tax net operating losses. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets.