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 *
PINNEO JEFFREY D
   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)
PRESIDENT & CEO, HORIZON AIR
(Last)
(First)
(Middle)
HORIZON AIR INDUSTRIES INC, 19521 INTERNATIONAL BLVD		 3. Date of Earliest Transaction (Month/Day/Year)
11/15/2006
(Street)

SEATTLE, WA 98188		 4. If Amendment, Date Original Filed(Month/Day/Year)
02/02/2007		 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 11/15/2006   M(1)   1,800 A $ 35.25 1,800 D  
COMMON STOCK 11/15/2006   M(1)   3,000 A $ 25.2 4,800 D  
COMMON STOCK 11/15/2006   M(1)   4,000 A $ 18.76 8,800 D  
COMMON STOCK 11/15/2006   S(1)   8,800 D $ 43 0 D  
COMMON STOCK (2)               14,230 D  
COMMON STOCK (3)               2,325 I ESOP TRUST

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 $ 35.25 11/15/2006   M(1)     1,800 12/19/1998 12/19/2007 COMMON 1,800 $ 0 0 D  
EMPLOYEE STOCK OPTION $ 25.2 11/15/2006   M(1)     3,000 11/12/2002 11/12/2011 COMMON 3,000 $ 0 2,700 D  
EMPLOYEE STOCK OPTION $ 18.76 11/15/2006   M(1)     4,000 02/11/2004 02/11/2013 COMMON 4,000 $ 0 6,999 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PINNEO JEFFREY D
HORIZON AIR INDUSTRIES INC
19521 INTERNATIONAL BLVD
SEATTLE, WA 98188		       PRESIDENT & CEO, HORIZON AIR  

Signatures

 SHANNON K. ALBERTS FOR JEFFREY D. PINNEO, ATTORNEY-IN-FACT   02/02/2007
**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) SAME-DAY SALE AND EXERCISE OF OPTIONS COVERED BY S-8 REGISTRATION STATEMENT.
(2) RESTRICTED STOCK UNITS GRANTED UNDER 2004 LONG-TERM INCENTIVE PLAN; SUBJECT TO FORFEITURE.
(3) NUMBER OF SHARES HELD UNDER EMPLOYEE STOCK OWNERSHIP PLAN AS OF DECEMBER 31, 2005.
 
Remarks:
WE INADVERTENTLY PICKED UP AN INCORRECT BALANCE ON THE 9/13/06 FORM 4 FILING, AND CARRIED THE ERROR THROUGH TO SUBSEQUENT REPORTS.  THIS WAS A CLERICAL ERROR.  THIS AMENDMENT REFLECTS THE CORRECT NUMBER OF SHARES MR. PINNEO HELD INDIRECTLY IN HIS ESOP TRUST ACCOUNT AS OF DECEMBER 31, 2005.

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