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

Feb 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP INC (ALK)
CIK: 0000766421
Period of Report: 2012-01-30

Reporting Person: LOVELESS KEITH (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-30	COMMON STOCK	A	9000	—	Acquired	19279	Direct
2012-01-30	RESTRICTED STOCK UNIT	J	9000	—	Disposed	4560	Direct
2012-01-30	COMMON STOCK	F	2250	$74.56	Disposed	17029	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK 401(K)	114	Indirect

Footnotes

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

F2: DURING 2011, MS. LOVELESS ACQUIRED 85 ALK SHARES IN AN ALASKA AIR GROUP EMPLOYEE STOCK OWNERSHIP 401(k) PLAN TRUST. THE INFORMATION IN THIS REPORT IS BASED ON A PLAN STATEMENT DATED AS OF DECEMBER 31, 2011

F3: COMMON SHARES ISSUED UPON VESTING OF STOCK UNITS ON JANUARY 30, 2012.

F4: RSUs FULLY VESTED AND ISSUED ON JANUARY 30, 2012.

F5: STOCK UNITS WITHHELD TO COVER PAYROLL TAXES UPON VESTING OF RSUs ON JANUARY 30, 2012.