Extract image, create new layers to edit

Hello Everyone

bit of a stupid question, just can't figure it out. I have a logo that was created for me in .eps format. Basically a black graphic on a transparent background. I'd like to open it in Photoshop and extract the black image, create a new image with layers, so that I can colorize the black graphic, as well as have a colored background. But when I use the magic wand tool and copy/paste the graphic to a new file, even with the background as it's own layer, when I use the paint brush it colors everything. Can't figure out what I'm doing wrong.

Any help greatly appreciated!