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

Feb 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP INC (ALK)
CIK: 0000766421
Period of Report: 2012-02-14

Reporting Person: TILDEN BRADLEY D (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-14	RESTRICTED STOCK UNIT	A	5600	—	Acquired	19600	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-14	EMPLOYEE STOCK OPTION (RT TO BUY)	$76	A	11100	Acquired	2022-02-14	COMMON STOCK (11100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	40251	Direct
COMMON STOCK 401(K)	3694	Indirect

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 EQUIPTY PLAN ON 02/14/2012, AND WILL CLIFF VEST ON 2/14/2015. UNITS ARE SUBJECT TO FORFEITURE.

F3: OPTIONS GRANTED WILL VEST IN EQUAL INSTALLMENTS OVER FOUR YEARS BEGINNING ON THE FIRST ANNIVERSARY OF THE GRANT DATE.