Income Taxes

6 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

INCOME TAXES

Income Taxes

The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated PHL’s income tax benefit for the six months endedJune 30, 2012 using an estimated combined federal and state statutory tax rate of 41.0%. As of June 30, 2012, PHL had deferred tax assets of $1.3 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, therefore, no valuation allowance has been recorded.