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 *
HARRISON ANDREW R
   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
_____ Officer (give title below) _____ Other (specify below)
EVP & CRO
(Last)
(First)
(Middle)
19300 INTERNATIONAL BLVD		 3. Date of Earliest Transaction (Month/Day/Year)
02/19/2015
(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
RESTRICTED STOCK UNIT (1)               8,870 D  
COMMON STOCK 02/19/2015   M   2,100 A $ 15.325 14,975 D  
COMMON STOCK 02/19/2015   M   1,948 A $ 19 16,923 D  
COMMON STOCK 02/19/2015   M   1,396 A $ 24.4 18,319 D  
COMMON STOCK 02/19/2015   M   750 A $ 38.7555 19,069 D  
COMMON STOCK 02/19/2015   S   8,524 (2) D $ 63.3727 10,545 D  

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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
EMPLOYEE STOCK OPTION (RT TO BUY) $ 15.325 02/19/2015   M     2,100 02/07/2012 02/07/2021 COMMON STOCK 2,100 $ 0 0 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 19 02/19/2015   M     1,948 02/14/2013 02/14/2022 COMMON STOCK 1,948 $ 0 1,932 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 24.4 02/19/2015   M     1,396 02/11/2014 02/11/2023 COMMON STOCK 1,396 $ 0 2,790 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 38.755 02/19/2015   M     750 02/11/2015 02/11/2024 COMMON STOCK 750 $ 0 2,610 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HARRISON ANDREW R
19300 INTERNATIONAL BLVD
SEATTLE, WA 98188		       EVP & CRO  

Signatures

 /S/ JEANNE E GAMMON, ATTORNEY IN FACT FOR ANDREW R. HARRISON   02/23/2015
**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 ALASKA AIR GROUP'S 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.
(2) THE PRICE REPORTED IN COLUMN 4 IS A WEIGHTED AVERAGE PRICE. THESE SHARES SOLD IN MULTIPLE TRANSACTIONS AT PRICES RANGING FROM $63.3727 TO $63.4080, INCLUSIVE. THE REPORTING PERSON UNDERTAKES TO PROVIDE TO ALASKA AIR GROUP, ANY SECURITY HOLDER OF ALASKA AIR GROUP, OR THE STAFF OF THE SECURITIES AND EXCHANGE COMMISSION, UPON REQUEST, FULL INFORMATION REGARDING THE NUMBER OF SHARES SOLD AT EACH SEPARATE PRICE WITHIN THE RANGES SET FORTH IN THIS FOOTNOTE.

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