We experimentally demonstrate a single-pumped, non-degenerate phase-sensitive parametric amplifier with a precise control of phase and amplitude of the in-going waves and investigate in detail its gain, attenuation and saturation properties in comparison with operation in phase insensitive amplifier (PIA) mode. We experimentally observe the variation of the gain and attenuation as a function of the relative phase, pump power and the signal-idler power ratio. The phase sensitive gain spectrum is studied over a 24 nm symmetrical bandwidth and we achieve a maximum phase sensitive amplification (PSA) gain of 33 dB. A departure from the theoretical maximum attenuation as the gain increases is observed and explained.