SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MINICUCCI BENITO

(Last)

(First)

(Middle)

C/O ALASKA AIRLINES, INC.

19300 INTERNATIONAL BLVD SO

(Street)

SEATTLE

98188

(City)

(State)

(Zip)

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
X	Officer (give title below)	Other (specify below)
	EXEC VP/OPS AND COO

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2011

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	03/30/2011		M		565	A	$42.85	5,084	D
COMMON STOCK	03/30/2011		M		819	A	$819	5,903	D
COMMON STOCK	03/30/2011		S		1,384	D	$63	4,519	D
COMMON STOCK	03/31/2011		M		447	A	$27.49	4,966	D
COMMON STOCK	03/31/2011		S		447	D	$64	4,519	D
COMMON STOCK⁽¹⁾								45,290	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
EMPLOYEE STOCK OPTION (RT TO BUY)	$42.85	03/30/2011		M			565	01/31/2011	01/31/2017	COMMON	565	$0	0	D
EMPLOYEE STOCK OPTION (RT TO BUY)	$23.36	03/30/2011		M			819	11/06/2010⁽²⁾	11/06/2017	COMMON	819	$0	820	D
EMPLOYEE STOCK OPTION (RT TO BUY)	$27.49	03/31/2011		M			447	02/08/2011⁽³⁾	02/08/2018	COMMON	447	$0	2,223	D

Explanation of Responses:

1. STOCK UNITS AWARDED UNDER THE 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.

2. OPTIONS VESTED IN FOUR ANNUAL INSTALLMENTS; REMAINING OPTIONS WILL VEST ON 11/06/11.

3. OPTIONS VESTED IN FOUR ANNUAL INSTALLMENTS; 888 OF THE REMAINING OPTIONS VESTED ON 02/08/11 AND 1,335 WILL VEST ON 02/08/12.

	JEANNE E. GAMMON, ATTORNEY IN FACT FOR BENITO MINICUCCI	04/01/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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