ALASKA AIR GROUP, INC. — Director's Dealing 2010

Mar 29, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP INC (ALK)
CIK: 0000766421
Period of Report: 2010-03-25

Reporting Person: LOVELESS KEITH (VP/LEGAL & GENERAL COUNSEL)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-25	COMMON STOCK	M	4431	$31.80	Acquired	4431	Direct
2010-03-25	COMMON STOCK	S	4431	$42.00	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-25	EMP STOCK OPTION (RT TO BUY)	$31.80	M	4431	Disposed	2011-01-30	COMMON (4431)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	14880	Direct
COMMON STOCK	742	Direct
COMMON STOCK	345	Indirect
COMMON STOCK	6927	Direct

Footnotes

F1: THE SAME-DAY EXERCISE AND SALE OF OPTIONS REPORTED IN THIS FORM 4 WERE EFFECTED PURSUANT TO A RULE 10b5-1 TRADING PLAN ADOPTED BY MR. LOVELESS ON MARCH 11, 2010.

F2: STOCK UNITS AWARDED UNDER THE 2004 LONG-TERM INCENTIVE EQUITY AND 2008 PERFORMANCE INCENTIVE PLANS; NOT YET VESTED BUT NO LONGER SUBJECT TO FORFEITURE.

F3: SHARES ACQUIRED UNDER THE ALASKA AIR GROUP, INC. EMPLOYEE STOCK PURCHASE PLAN AS OF DECEMBER 31, 2009.

F4: SHARES HELD IN AN ALASKA AIR GROUP, INC. EMPLOYEE STOCK OWNERSHIP 401(K) PLAN TRUST AS OF DECEMBER 31, 2009.