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 * HARRISON ANDREW R   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/PLNG & REV MGMT (Last) (First) (Middle) C/O ALASKA AIRLINES, INC., 19300 INTERNATIONAL BLVD 3. Date of Earliest Transaction (Month/Day/Year) 07/27/2012 (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 COMMON STOCK               2,308 (1) D   RESTRICTED STOCK UNIT (2)               6,820 (1) D   COMMON STOCK 07/27/2012   M   2,500 (1) A $ 9.905 4,808 D   COMMON STOCK 07/27/2012   M   1,050 (1) A $ 30.65 5,858 D   COMMON STOCK 07/27/2012   S   3,550 D $ 34.4322 2,308 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) (1)

$ 9.905

07/27/2012

M

2,500

04/25/2009

04/25/2018

COMMON STOCK

2,500

$ 0

0

D

EMPLOYEE STOCK OPTION (RT TO BUY) (1)

$ 30.65

07/27/2012

M

1,050

02/07/2012

02/07/2021

COMMON STOCK

1,050

$ 0

3,150

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HARRISON ANDREW R C/O ALASKA AIRLINES, INC. 19300 INTERNATIONAL BLVD SEATTLE, WA 98188			VP/PLNG & REV MGMT

Signatures

JEANNE E GAMMON, ATTORNEY IN FACT FOR ANDREW R. HARRISON		07/30/2012
**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)	ALASKA AIR GROUP, INC. (ALK) COMMON STOCK WAS SPLIT IN A TWO-FOR-ONE TRANSACTION ON MARCH 16, 2012. SHARES AND PRICES HAVE BEEN ADJUSTED TO GIVE EFFECT TO THE SPLIT.
(2)	STOCK UNITS AWARDED UNDER ALASKA AIR GROUP'S 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.

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