SEC FORM 3

SEC Form 3

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
or Section 30(h) of the Investment Company Act of 1940

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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. Date of Event Requiring Statement (Month/Day/Year)
12/04/2008

3. Issuer Name and Ticker or Trading Symbol
ALASKA AIR GROUP INC [ ALK ]

4. 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

5. 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 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⁽¹⁾	3,320	D
COMMON STOCK⁽²⁾	24,890	D
COMMON STOCK	3,926	D

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: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
EMPLOYEE STOCK OPTION (RT TO BUY)	06/04/2005⁽³⁾	06/04/2014	COMMON	1,850	$21.05	D
EMPLOYEE STOCK OPTION (RT TO BUY)	08/30/2006⁽³⁾	08/30/2015	COMMON	2,775	$32.96	D
EMPLOYEE STOCK OPTION (RT TO BUY)	09/13/2007⁽³⁾	09/13/2016	COMMON	2,590	$37.96	D
EMPLOYEE STOCK OPTION (RT TO BUY)	01/31/2008⁽³⁾	01/31/2017	COMMON	2,260	$42.85	D
EMPLOYEE STOCK OPTION (RT TO BUY)	09/19/2008⁽³⁾	09/19/2017	COMMON	1,128	$25.23	D
EMPLOYEE STOCK OPTION (RT TO BUY)	11/06/2008⁽³⁾	11/06/2017	COMMON	3,278	$23.36	D
EMPLOYEE STOCK OPTION (RT TO BUY)	02/08/2009⁽³⁾	02/08/2018	COMMON	5,340	$27.49	D
EMPLOYEE STOCK OPTION (RT TO BUY)	06/12/2009⁽⁴⁾	06/12/2018	COMMON	3,826	$17.88	D

Explanation of Responses:

1. RESTRICTED STOCK UNITS GRANTED UNDER THE ALASKA AIR GROUP 2004 LONG-TERM INCENTIVE EQUITY PLAN; SUBJECT TO FORFEITURE.

2. RESTRICTED STOCK UNITS GRANTED UNDER THE ALASKA AIR GROUP 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.

3. GRANT OF STOCK OPTIONS UNDER THE ALASKA AIR GROUP 2004 LONG-TERM INCENTIVE EQUITY PLAN. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS.

4. GRANT OF STOCK OPTIONS UNDER THE ALASKA AIR GROUP 2008 PERFORMANCE INCENTIVE PLAN. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS.

	KEITH LOVELESS, ATTORNEY IN FACT, FOR BENITO MINICUCCI	12/08/2008
	** 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 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).
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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