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

May 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP INC (ALK)
CIK: 0000766421
Period of Report: 2012-05-15

Reporting Person: MADSEN DENNIS F (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-15	DEFERRED STOCK UNIT	A	1368	—	Acquired	10672	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	857	Direct

Footnotes

F1: GRANT OF FULLY VESTED STOCK UNITS UNDER THE ISSUER'S 2008 PERFORMANCE INCENTIVE PLAN; PAYABLE IN SHARES OF THE ISSUER'S COMMON STOCK ON A ONE-FOR-ONE BASIS FOLLOWING THE TERMINATION OF THE REPORTING PERSON'S SERVICE ON THE BOARD OF DIRECTORS.