Exhibit 12.1

Alaska Air Group, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	2005			2004			2003			2002			2001
Earnings:
Income (loss) before income tax expense (benefit) and accounting change	$	137,200		$	(20,600	)	$	29,000		$	(101,800	)	$	(63,515	)
Less: Capitalized interest		(8,877	)		(1,662	)		(2,336	)		(2,646	)		(10,612	)
Add:
Interest on indebtedness		61,698			49,801			47,508			46,261			47,429
Amortization of debt expense		1,308			1,220			1,103			815			703
Amortization of capitalized interest		4,785			4,855			4,990			4,993			5,013
Portion of rent under long-term operating leases representative of an interest factor		109,550			103,820			96,026			91,356			84,161
Earnings Available for Fixed Charges	$	305,664		$	137,434		$	176,291		$	38,979		$	63,179
Fixed Charges:
Interest		61,698			49,801			47,508			46,261			47,429
Amortization of debt expense		1,308			1,220			1,103			815			703
Portion of rent under long-term operating leases representative of an interest factor		109,550			103,820			96,026			91,356			84,161
Total Fixed Charges	$	172,556		$	154,841		$	144,637		$	138,432		$	132,293
Ratio of Earnings to Fixed Charges		1.77			0.89			1.22			0.28			0.48
Coverage deficiency	$	—		$	17,407			—		$	99,453		$	69,114