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

Feb 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP INC (ALK)
CIK: 0000766421
Period of Report: 2012-02-08

Reporting Person: JOHNSON GLENN S (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-08	COMMON STOCK	M	5475	$27.49	Acquired	15343	Direct
2012-02-08	COMMON STOCK	S	5475	$76.42	Disposed	9868	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-08	EMPLOYEE STOCK OPTION (RT TO BUY)	$27.49	M	5475	Disposed	2018-02-08	COMMON STOCK (5475)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK 401(K)	1139	Indirect
RESTRICTED STOCK UNIT	9000	Direct

Footnotes

F1: SHARES HELD IN THE ALASKA AIR GROUP INC. EMPLOYEE STOCK OWNERSHIP 401(K) PLAN TRUST AS OF DECEMBER 31, 2011.

F2: STOCK UNITS AWARDED UNDER THE 2008 PERFORMANCE INCENTIVE PLAN; NOT VESTED BUT NO LONGER SUBJECT TO FORFEITURE.

F3: SAME-DAY EXERCISE OF OPTIONS AND SALE EFFECTED PURSUANT TO A RULE10b5-1 TRADING PLAN ADOPTED BY MR. JOHNSON ON DECEMBER 15, 2011.