some examples:
if you have a june UY and a may 2012 trip and you need to cancel 60 days out, your banking window closed on jan 31, 2012 so you'd have to use all of the pts in the reservation before they expire on may 31, 2012.
if you have a june UY and a june 2012 trip and you need to cancel 60 days out, your banking window won't close until jan 31, 2013 so you'd have until then to decide whether to use current year (2012) pts for a reservation in that UY or else bank them to the next year. (you'd still need to use banked and borrowed pts by may 31, 2013.)
if you have a june UY and a may 2012 trip and you need to cancel 5 days out, the pts would turn into "holding" pts so you'd have to use all of the pts in the reservation subject to a 60-day-out limitation - but that won't matter since they expire on may 31...which is less than 60 days out.
if you have a june UY and a june 2012 trip and you need to cancel 5 days out, the pts would turn into "holding" pts so you'd have to use all of the pts in the reservation subject to a 60-day-out limitation - but at least you'd have 12 months before they expire on may 31, 2013 to decide what to do with them.