Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Alaska Air Group, Inc.

(In thousands, except ratios)	2007			2006			2005			2004			2003
Earnings:
Income (loss) before income tax expense (benefit) and accounting change	$	125,000		$	(87,800	)	$	137,200		$	(20,600	)	$	29,000
Less: Capitalized interest		(27,800	)		(24,700	)		(8,900	)		(1,700	)		(2,300	)
Add:
Interest on indebtedness		86,099			76,056			61,698			49,801			47,508
Amortization of debt expense		1,901			1,944			1,308			1,220			1,103
Amortization of capitalized interest		5,783			4,872			4,785			4,855			4,990
Portion of rent under long-term operating leases representative of an interest factor		111,181			106,874			108,283			102,514			96,026
Earnings Available for Fixed Charges	$	302,164		$	77,246		$	304,374		$	136,090		$	176,327
Fixed Charges:
Interest		86,099			76,056			61,698			49,801			47,508
Amortization of debt expense		1,901			1,944			1,308			1,220			1,103
Portion of rent under long-term operating leases representative of an interest factor		111,181			106,874			108,283			102,514			96,026
Total Fixed Charges	$	199,181		$	184,874		$	171,289		$	153,535		$	144,637
Ratio of Earnings to Fixed Charges		1.52			0.42			1.78			0.89			1.22
Coverage deficiency	$	—		$	107,628		$	—		$	17,445			—