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

Jul 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP, INC. (ALK)
CIK: 0000766421
Period of Report: 2012-07-18

Reporting Person: LOVELESS KEITH (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-18	COMMON STOCK	M	1762	$13.78	Acquired	22320	Direct
2012-07-18	COMMON STOCK	S	1762	$38	Disposed	20558	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-18	EMPLOYEE STOCK OPTION (RT TO BUY)	$13.78	M	1762	Disposed	2019-01-29	COMMON STOCK (1762)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK ESPP	2220	Direct
RESTRICTED STOCK UNIT	1280	Direct
COMMON STOCK 401(K)	228	Indirect

Footnotes

F1: SHARES HELD IN THE ALASKA AIR GROUP EMPLOYEE STOCK PURCHASE PLAN (ESPP) AS OF DECEMBER 31, 2011.

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

F3: SHARES HELD IN THE ALASKA AIR GROUP INC. EMPLOYEE STOCK OWNERSHIP 401(K) PLAN TRUST AS OF DECEMBER 31, 2011.

F4: SAME-DAY EXERCISE OF OPTIONS AND SALE EFFECTED PURSUANT TO A RULE 10b5-1 TRADING PLAN ADOPTED BY MR. LOVELESS ON 03/19/2012.