EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Alaska Air Group, Inc.

(In thousands, except ratios)	2008			2007			2006			2005			2004
Earnings:
Income (loss) before income tax expense (benefit) and accounting change	$	(213,200	)	$	200,500		$	(90,700	)	$	137,200		$	(20,600	)
Less: Capitalized interest		(23,200	)		(27,800	)		(24,700	)		(8,900	)		(1,700	)
Add:
Interest on indebtedness		99,800			86,100			76,100			61,698			49,801
Amortization of debt expense		2,500			1,900			1,900			1,308			1,220
Amortization of capitalized interest		6,544			5,783			4,872			4,785			4,855
Portion of rent under long-term operating leases representative of an interest factor		104,493			111,181			106,874			108,283			102,514
Earnings Available for Fixed Charges	$	(23,063	)	$	377,664		$	74,346		$	304,374		$	136,090
Fixed Charges:
Interest		99,800			86,100			76,100			61,698			49,801
Amortization of debt expense		2,500			1,900			1,900			1,308			1,220
Portion of rent under long-term operating leases representative of an interest factor		104,493			111,181			106,874			108,283			102,514
Total Fixed Charges	$	206,793		$	199,181		$	184,874		$	171,289		$	153,535
Ratio of Earnings to Fixed Charges		(0.11	)		1.90			0.40			1.78			0.89
Coverage deficiency	$	229,856		$	—		$	110,528		$	—		$	17,445