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EXHIBIT 12

Alaska Air Group, Inc.

Calculation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)

	2000			1999			1998			1997			1996
Earnings:
Income before income tax expense	$	(15,700	)	$	220,700		$	204,400		$	123,600		$	64,349
Less: Capitalized interest		(15,500	)		(10,200	)		(6,600	)		(5,300	)		(1,031	)
Add:
Interest on indebtedness		36,000			16,300			21,200			33,600			38,394
Amortization of debt expense		330			440			682			685			1,224
Portion of rent under long-term operating leases representative of an interest factor		80,680			81,437			80,547			72,900			71,562
Earnings Available for Fixed Charges	$	85,810		$	308,677		$	300,229		$	225,485		$	174,498
Fixed Charges:
Interest		36,000			16,300			21,200			33,600			38,394
Amortization of debt expense		330			440			682			685			1,224
Portion of rent under long-term operating leases representative of an interest factor		80,680			81,437			80,547			72,900			71,562
Total Fixed Charges	$	117,010		$	98,177		$	102,429		$	107,185		$	111,180
Ratio of Earnings to Fixed Charges		0.73			3.14			2.93			2.10			1.57
Coverage deficiency	$	31,200			—			—			—			—

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Alaska Air Group, Inc. Calculation of Ratio of Earnings to Fixed Charges (In thousands, except ratios)