Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Alaska Air Group, Inc.

	For the six months ended June 30,						For the year ended December 31,
	2008			2007			2007			2006			2005			2004			2003
	(in thousands, except ratios)
Earnings:
Income (loss) before income tax expense (benefit) and accounting change	$	42,100		$	57,200		$	125,000		$	(87,800	)	$	137,200		$	(20,600	)	$	29,000
Less: Capitalized interest		(12,600	)		(13,800	)		(27,800	)		(24,700	)		(8,900	)		(1,700	)		(2,300	)
Add:
Interest on indebtedness		48,400			43,500			86,099			76,056			61,698			49,801			47,508
Amortization of debt expense		983			983			1,901			1,944			1,308			1,220			1,103
Amortization of capitalized interest		3,143			2,749			5,783			4,872			4,785			4,855			4,990
Portion of rent under long-term operating leases representative of an interest factor		53,798			54,869			111,181			106,874			108,283			102,514			96,026
Earnings Available for Fixed Charges	$	135,824		$	145,501		$	302,164		$	77,246		$	304,374		$	136,090		$	176,327
Fixed Charges:
Interest		48,400			43,500			86,099			76,056			61,698			49,801			47,508
Amortization of debt expense		983			1,007			1,901			1,944			1,308			1,220			1,103
Portion of rent under long-term operating leases representative of an interest factor		53,798			54,869			111,181			106,874			108,283			102,514			96,026
Total Fixed Charges	$	103,181		$	99,376		$	199,181		$	184,874		$	171,289		$	153,535		$	144,637
Ratio of Earnings to Fixed Charges		1.32			1.46			1.52			0.42			1.78			0.89			1.22
Coverage Deficiency	$	—		$	—		$	—		$	107,628		$	—		$	17,445		$	—

(1) The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, “earnings” consist of income before taxes plus fixed charges and amortization of capitalized interest, less capitalized interest. “Fixed charges” consist of interest expense, capitalized interest and the portion of rent expense (estimated to be one-third) on operating leases deemed representative of interest. Our earnings were insufficient to cover fixed charges by approximately $107.6 million and $17.4 million for the years ended December 31, 2006 and 2004, respectively.