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
	March 31, 2012		March 31, 2011
Receivables securitized	$	1,915,719	$	848,810
Net proceeds from securitization	1,800,000		800,000
Servicing fees^(a)	58,563		48,924
Net distributions from Trusts	450,545		143,168

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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 March 31, 2012 and December 31, 2011, respectively, we were servicing $8.5 billion and $7.9 billion, respectively, of finance receivables that have been transferred to the Trusts.