Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
DOBBS KELLEY J
   2. Issuer Name and Ticker or Trading Symbol
ALASKA AIR GROUP INC [ALK] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
VP/HUMAN RESOURCES
(Last)
(First)
(Middle)
19300 INTERNATIONAL BLVD		 3. Date of Earliest Transaction (Month/Day/Year)
02/17/2012
(Street)

SEATTLE, WA 98188		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
RESTRICTED STOCK UNIT (1)               6,610 D  
COMMON STOCK 401(K) (2)               1,240 I ESOP TRUST
COMMON STOCK 02/17/2012   M   2,370 A $ 27.49 11,779 D  
COMMON STOCK 02/17/2012   M   3,682 A $ 27.56 15,461 D  
COMMON STOCK 02/17/2012   M   935 A $ 33.26 16,396 D  
COMMON STOCK 02/17/2012   M   652 A $ 61.3 17,048 D  
COMMON STOCK 02/17/2012   S   5,047 D $ 77.4006 12,001 D  
COMMON STOCK 02/17/2012   S   7,639 D $ 77.5561 4,362 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
EMPLOYEE STOCK OPTION (RT TO BUY) $ 27.49 02/17/2012   M     2,370 02/08/2009 02/08/2018 COMMON STOCK 2,370 $ 0 0 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 27.56 02/17/2012   M     3,682 01/29/2010(3) 01/29/2019 COMMON STOCK 3,682 $ 0 3,683 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 33.26 02/17/2012   M     935 02/03/2011(4) 02/03/2020 COMMON STOCK 935 $ 0 1,870 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 61.3 02/17/2012   M     652 02/07/2012(5) 02/07/2021 COMMON STOCK 652 $ 0 1,958 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DOBBS KELLEY J
19300 INTERNATIONAL BLVD
SEATTLE, WA 98188		       VP/HUMAN RESOURCES  

Signatures

 /s/ Jeanne Gammon Attorney-in-Fact for Kelley J. Dobbs   02/22/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) STOCK UNITS AWARDED UNDER THE ALASKA AIR GROUP, INC. 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.
(2) SHARES HELD IN THE ALASKA AIR GROUP INC. EMPLOYEE STOCK OWNERSHIP 401(K) PLAN TRUST AS OF DECEMBER 31, 2011.
(3) REMAINING OPTIONS WILL VEST IN FULL ON 01/29/2013.
(4) REMAINING OPTIONS WILL VEST AS FOLLOWS: 935 ON 02/03/2013 AND 935 ON 02/03/2014.
(5) REMAINING OPTIONS WILL VEST AS FOLLOWS: 653 ON 02/07/2013; 652 ON 02/07/2014; AND 653 ON 02/07/2015.

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