Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MINICUCCI BENITO
  2. Issuer Name and Ticker or Trading Symbol
ALASKA AIR GROUP INC [ALK]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EXEC VP/OPS AND COO
(Last)
(First)
(Middle)
C/O ALASKA AIRLINES, INC., 19300 INTERNATIONAL BLVD SO
3. Date of Earliest Transaction (Month/Day/Year)
05/26/2010
(Street)

SEATTLE, WA 98188
4. If Amendment, Date 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
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
COMMON STOCK 05/26/2010   M   2,775 A $ 32.96 4,942 D  
COMMON STOCK 05/26/2010   F   1,957 D $ 46.72 2,985 D  
COMMON STOCK 05/27/2010   M   5,950 A $ 27.56 8,935 D  
COMMON STOCK 05/27/2010   M   2,670 A $ 27.49 11,605 D  
COMMON STOCK 05/27/2010   M   564 A $ 25.23 12,169 D  
COMMON STOCK 05/27/2010   S   9,184 D $ 48.0157 2,985 D  
COMMON STOCK (1)               42,920 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
EMP STOCK OPTION (RT TO BUY) $ 32.96 05/26/2010   M     2,775 08/30/2006(2) 08/30/2015 COMMON 2,775 $ 0 0 D  
EMP STOCK OPTION (RT TO BUY) $ 27.56 05/27/2010   M     5,950 01/29/2010(3) 01/29/2019 COMMON 5,950 $ 0 17,850 D  
EMP STOCK OPTION (RT TO BUY) $ 27.49 05/27/2010   M     2,670 02/08/2009(4) 02/08/2018 COMMON 2,670 $ 0 2,670 D  
EMP STOCK OPTION (RT TO BUY) $ 25.23 05/27/2010   M     564 09/19/2008(5) 09/19/2017 COMMON 564 $ 0 564 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MINICUCCI BENITO
C/O ALASKA AIRLINES, INC.
19300 INTERNATIONAL BLVD SO
SEATTLE, WA 98188
      EXEC VP/OPS AND COO  

Signatures

 KAREN A. GRUEN, ATTORNEY IN FACT FOR BENITO MINICUCCI   05/28/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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).
(1) STOCK UNITS AWARDED UNDER THE 2004 LONG-TERM INCENTIVE EQUITY AND 2008 PERFORMANCE INCENTIVE PLANS; SUBJECT TO FORFEITURE.
(2) THE OPTIONS VESTED IN EQUAL INSTALLMENTS OVER FOUR YEARS; THE OPTIONS WERE FULLY VESTED AS OF 8/30/09.
(3) THE OPTIONS VEST IN EQUAL INSTALLMENTS OVER FOUR YEARS; OPTIONS EXERCISED VESTED ON 01/29/10, THE REMAINING OPTIONS WILL VEST ON 01/29/11, 01/29/12 AND 01/29/13.
(4) THE OPTIONS VEST IN EQUAL INSTALLMENTS OVER FOUR YEARS; OPTIONS EXERCISED VESTED ON 02/08/10, THE REMAINING OPTIONS WILL VEST ON 02/08/11 AND 02/08/12.
(5) THE OPTIONS VEST IN EQUAL INSTALLMENTS OVER FOUR YEARS; OPTIONS EXERCISED VESTED ON 09/19/09, THE REMAINING OPTIONS WILL VEST ON 09/19/10 AND 09/19/11.

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