SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number: | 3235-0104
Estimated average burden
hours per response: | 0.5

1. Name and Address of Reporting Person ^*
ELIASEN MARK G

(Last) | (First) | (Middle)
C/O ALASKA AIRLINES, INC.
19300 INTERNATIONAL BLVD

(Street)
SEATTLE | WA | 98188

(City) | (State) | (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/12/2012

3. Issuer Name and Ticker or Trading Symbol
ALASKA AIR GROUP INC [ ALK ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
| Director | | 10% Owner
X | Officer (give title below) | | Other (specify below)
VP/FINANCE & TREASURER

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)
X | Form filed by One Reporting Person
| Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) | 2. Amount of Securities Beneficially Owned (Instr. 4) | 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) | 4. Nature of Indirect Beneficial Ownership (Instr. 5)
COMMON STOCK ESPP^(1) | 546 | D |
COMMON STOCK 401(K)^(2) | 133 | I | ESOP TRUST
RESTRICTED STOCK UNIT^(3) | 4,694 | D |

Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) | 4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) | 6. Nature of Indirect Beneficial Ownership (Instr. 5) |
| Date Exercisable | Expiration Date | Title | Amount or Number of Shares | | | |
EMPLOYEE STOCK OPTION (RT TO BUY) | 09/14/2010^(4) | 09/14/2019 | COMMON STOCK | 5,384 | 26.22 | D | |
EMPLOYEE STOCK OPTION (RT TO BUY) | 02/03/2011^(4) | 02/03/2020 | COMMON STOCK | 1,320 | 33.26 | D | |
EMPLOYEE STOCK OPTION (RT TO BUY) | 02/07/2012^(4) | 02/07/2021 | COMMON STOCK | 880 | 61.3 | D | |
EMPLOYEE STOCK OPTION (RT TO BUY) | 02/14/2013^(4) | 02/14/2022 | COMMON STOCK | 1,220 | 76 | D | |
Explanation of Responses:
1. SHARES ACQUIRED UNDER THE ALASKA AIR GROUP, INC. 2010 EMPLOYEE STOCK PURCHASE PLAN, AS OF MARCH 6, 2012.
2. SHARES HELD IN THE ALASKA AIR GROUP INC. EMPLOYEE STOCK OWNERSHIP 401(K) PLAN TRUST AS OF MARCH 6, 2012.
3. STOCK UNITS AWARDED UNDER ALASKA AIR GROUP'S 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.
4. OPTIONS GRANTED WILL VEST IN EQUAL INSTALLMENTS OVER FOUR YEARS BEGINNING ON THE FIRST ANNIVERSARY OF THE GRANT DATE.
| JEANNE E GAMMON, ATTORNEY IN FACT FOR MARK G. ELIASEN | 03/13/2012
| ** Signature of Reporting Person | Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.