FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF 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 *   ELIASEN MARK G 2. Date of Event Requiring Statement (Month/Day/Year) 03/12/2012 3. Issuer Name and Ticker or Trading Symbol ALASKA AIR GROUP INC [ALK] (Last) (First) (Middle) C/O ALASKA AIRLINES, INC., 19300 INTERNATIONAL BLVD 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) VP/FINANCE & TREASURER 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) SEATTLE, WA 98188 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 Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) COMMON STOCK ESPP (1) 546 D   COMMON STOCK 401(K) (2) 133 I ESOP TRUST RESTRICTED STOCK UNIT (3) 4,694 D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
EMPLOYEE STOCK OPTION (RT TO BUY)	09/14/2010(4)	09/14/2019	COMMON STOCK	5,384	$ 26.22	D	Â
EMPLOYEE STOCK OPTION (RT TO BUY)	02/03/2011(4)	02/03/2020	COMMON STOCK	1,320	$ 33.26	D	Â
EMPLOYEE STOCK OPTION (RT TO BUY)	02/07/2012(4)	02/07/2021	COMMON STOCK	880	$ 61.3	D	Â
EMPLOYEE STOCK OPTION (RT TO BUY)	02/14/2013(4)	02/14/2022	COMMON STOCK	1,220	$ 76	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ELIASEN MARK G C/O ALASKA AIRLINES, INC. 19300 INTERNATIONAL BLVD SEATTLE, WA 98188	Â	Â	  VP/FINANCE & TREASURER	Â

Signatures

JEANNE E GAMMON, ATTORNEY IN FACT FOR MARK G. ELIASEN		03/13/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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)	SHARES ACQUIRED UNDER THE ALASKA AIR GROUP, INC. 2010 EMPLOYEE STOCK PURCHASE PLAN, AS OF MARCH 6, 2012.
(2)	SHARES HELD IN THE ALASKA AIR GROUP INC. EMPLOYEE STOCK OWNERSHIP 401(K) PLAN TRUST AS OF MARCH 6, 2012.
(3)	STOCK UNITS AWARDED UNDER ALASKA AIR GROUP'S 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.
(4)	OPTIONS GRANTED WILL VEST IN EQUAL INSTALLMENTS OVER FOUR YEARS BEGINNING ON THE FIRST ANNIVERSARY OF THE GRANT DATE.

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