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Income Taxes Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Shares On A Tax Basis
The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2013, 2012 and 2011:
 
2013
 
2012
 
2011
 
Amount
 
%
 
Amount
 
%
 
Amount
 
%
Common Shares:
 
 
 
 
 
 
 
 
 
 
 
Ordinary income
$
0.6000

 
100.00
%
 
$
0.4391

 
91.49
%
 
$
0.4109

 
100.00
%
Capital gain
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Return of capital
0.0000

 
0.00
%
 
0.0409

 
8.51
%
 
0.0000

 
0.00
%
Total
$
0.6000

 
100.00
%
 
$
0.4800

 
100.00
%
 
$
0.4109

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
Series A Preferred Shares:
 
 
 
 
 
 
 
 
 
 
 
Ordinary income
$
2.0349

 
100.00
%
 
$
1.7622

 
100.00
%
 
$
1.3769

 
100.00
%
Capital gain
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Return of capital
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Total
$
2.0349

 
100.00
%
 
$
1.7622

 
100.00
%
 
$
1.3769

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
Series B Preferred Shares
 
 
 
 
 
 
 
 
 
 
 
Ordinary income
$
2.0672

 
100.00
%
 
$
1.7902

 
100.00
%
 
$
0.3431

 
100.00
%
Capital gain
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Return of capital
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Total
$
2.0672

 
100.00
%
 
$
1.7902

 
100.00
%
 
$
0.3431

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
Series C Preferred Shares
 
 
 
 
 
 
 
 
 
 
 
Ordinary income
$
0.9890

 
100.00
%
 
$
0.0000

 
0.00
%
 
$
0.0000

 
0.00
%
Capital gain
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Return of capital
0.0000

 
0.00
%
 
0.0000

 
0.00
%
 
0.0000

 
0.00
%
Total
$
0.9890

 
100.00
%
 
$
0.0000

 
0.00
%
 
$
0.0000

 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
Components of Income Tax Expense
The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands):
 
For the year ended December 31,
 
2013
 
2012
 
2011
Federal
 
 
 
 
 
Current
$
718

 
$
1,048

 
$
374

Deferred
—

 
—

 
70

State and local
 
 
 
 
 
Current
313

 
412

 
110

Deferred
—

 
—

 
10

Income tax expense (benefit)
$
1,031

 
$
1,460

 
$
564
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense
A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands):
 
For the year ended December 31,
 
2013
 
2012
 
2011
Statutory federal tax expense (benefit)
$
718

 
$
1,048

 
$
444

State income tax expense (benefit)
313

 
412

 
120

Income tax expense (benefit)
$
1,031

 
$
1,460

 
$
564