EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Alaska Air Group, Inc.

(in millions, except ratios)	2009			2008			2007			2006			2005
Earnings:
Income (loss) before income tax expense (benefit) and accounting change	$	202.9		$	(213.2	)	$	200.5		$	(90.7	)	$	137.2
Less: Capitalized interest		(7.6	)		(23.2	)		(27.8	)		(24.7	)		(8.9	)
Add:
Interest on indebtedness		100.5			102.3			88.0			78.0			63.0
Amortization of debt expense		3.8			2.5			1.9			1.9			1.3
Amortization of capitalized interest		7.2			6.5			5.8			4.9			4.8
Portion of rent under long-term operating leases representative of an interest factor		101.0			104.5			111.2			106.9			108.3
Earnings Available for Fixed Charges	$	407.8		$	(20.6	)	$	379.6		$	76.3		$	305.7
Fixed Charges:
Interest		100.5			102.3			88.0			78.0			63.0
Amortization of debt expense		3.8			2.5			1.9			1.9			1.3
Amortization of capitalized interest		7.2			6.5			5.8			4.9			4.8
Portion of rent under long-term operating leases representative of an interest factor		101.0			104.5			111.2			106.9			108.3
Total Fixed Charges	$	212.5		$	215.8		$	206.9		$	191.7		$	177.4
Ratio of Earnings to Fixed Charges		1.92			(0.10	)		1.83			0.40			1.72
Coverage deficiency	$	—		$	236.4		$	—		$	115.4		$	—