As an instructor you log PIC and Instructor hours (at least in JAA world). The most important thing when logging time is that it isn't important who operates the controls, but who makes critical decisions - and the latter is the PIC, regardless of where his/her hands and feet are. Or you can look it from a different perspective: since students log dual time in order to get the required total time for issue of PPL licence, somebody has to log PIC time for that flight - otherwise one might think that God or some higher force is the PIC
