Exhibit 12.1

Alaska Air Group, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	2006			2005			2004			2003			2002
Earnings:
Income (loss) before income tax expense (benefit) and accounting change	$	(87,800	)	$	137,200		$	(20,600	)	$	29,000		$	(101,800	)
Less: Capitalized interest		(24,764	)		(8,877	)		(1,662	)		(2,336	)		(2,646	)
Add:
Interest on indebtedness		76,056			61,698			49,801			47,508			46,261
Amortization of debt expense		1,944			1,308			1,220			1,103			815
Amortization of capitalized interest		4,872			4,785			4,855			4,990			4,993
Portion of rent under long-term operating leases representative of an interest factor		106,874			108,283			102,514			96,026			91,356
Earnings Available for Fixed Charges	$	77,182		$	304,397		$	136,128		$	176,291		$	38,979
Fixed Charges:
Interest		76,056			61,698			49,801			47,508			46,261
Amortization of debt expense		1,944			1,308			1,220			1,103			815
Portion of rent under long-term operating leases representative of an interest factor		106,874			108,283			102,514			96,026			91,356
Total Fixed Charges	$	184,874		$	171,289		$	153,535		$	144,637		$	138,432
Ratio of Earnings to Fixed Charges		0.42			1.78			0.89			1.22			0.28
Coverage deficiency	$	107,692		$	—		$	17,407			—		$	99,453