ALASKA AIR GROUP, INC. — Director's Dealing 2012

Oct 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP, INC. (ALK)
CIK: 0000766421
Period of Report: 2012-10-12

Reporting Person: AYER WILLIAM S (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-12	COMMON STOCK	M	100	$13.745	Acquired	110148	Direct
2012-10-12	COMMON STOCK	S	100	$37	Disposed	110048	Direct
2012-10-15	COMMON STOCK	M	690	$13.745	Acquired	110738	Direct
2012-10-15	COMMON STOCK	S	690	$37	Disposed	110048	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-10-12	EMPLOYEE STOCK OPTION (RT TO BUY)	$13.745	M	100	Disposed	2018-02-08	COMMON STOCK (100)	Direct
2012-10-15	EMPLOYEE STOCK OPTION (RT TO BUY)	$13.745	M	690	Disposed	2018-02-08	COMMON STOCK (690)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
RESTRICTED STOCK UNIT	59600	Direct

Footnotes

F1: STOCK UNITS AWARDED UNDER THE 2008 PERFORMANCE INCENTIVE PLAN; NO LONGER SUBJECT TO FORFEITURE.

F2: SAME-DAY EXERCISE OF OPTIONS AND SALE EFFECTED PURSUANT TO A RULE 10b5-1 TRADING PLAN ADOPTED BY MR. AYER ON 8/16/12.