SECURITIZATIONS

A summary of our securitization activity and cash flows from special purpose entities used for securitizations is as follows (in thousands):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Receivables securitized	$	2,433,616	$	2,068,978	$	4,349,335	$	2,917,788
Net proceeds from securitization	2,300,000		1,950,000		4,100,000		2,750,000
Servicing fees^(a)	59,237		48,985		117,800		97,909
Net distributions from Trusts	465,110		291,088		915,655		434,256

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(a)	Cash flows received for the servicing of securitizations consolidated as VIE’s are a component of finance charge income on the consolidated statements of income and comprehensive income.

We retain servicing responsibilities for receivables transferred to the Trusts. Included in finance charge income is a monthly base servicing fee earned on the outstanding principal balance of our securitized receivables and supplemental fees (such as late charges) for servicing the receivables.

As of June 30, 2012 and December 31, 2011, respectively, we were servicing $9.5 billion and $7.9 billion of finance receivables that have been transferred to the Trusts.