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)
02/10/2017
(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 02/10/2017   M   1,827 A $ 65.63 16,555 D  
COMMON STOCK 02/10/2017   M   180 A $ 38.755 16,735 D  
COMMON STOCK 02/10/2017   S   5,007 D $ 98.37 11,728 D  
COMMON STOCK 02/11/2017   A(3)   1,760 A $ 0 13,488 D  
RESTRICTED STOCK UNIT 02/11/2017   J(4)   1,780 D $ 0 7,440 D  
COMMON STOCK 02/11/2017   F(5)   487 (6) D $ 97.35 13,001 D  
COMMON STOCK 02/13/2017   M   1,396 A $ 24.4 14,397 D  
COMMON STOCK 02/13/2017   M   840 A $ 38.755 15,237 D  
COMMON STOCK 02/13/2017   M   1,573 A $ 65.37 16,810 D  
COMMON STOCK 02/13/2017   S   1,573 D $ 97.5984 15,237 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) $ 65.63 02/10/2017   M     1,827 02/09/2017(1) 02/09/2026 COMMON STOCK 1,827 $ 0 5,483 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 38.755 02/10/2017   M     180 02/11/2015(2) 02/11/2024 COMMON STOCK 180 $ 0 1,680 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 24.4 02/13/2017   M     1,396 02/11/2014 02/11/2023 COMMON STOCK 1,396 $ 0 0 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 38.755 02/13/2017   M     840 02/11/2015(2) 02/11/2024 COMMON STOCK 840 $ 0 840 D  
EMPLOYEE STOCK OPTION (RT TO BUY) $ 65.37 02/13/2017   M     1,573 02/10/2016(7) 02/10/2025 COMMON STOCK 1,573 $ 0 3,145 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   02/14/2017
**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) OPTIONS REMAINING WILL VEST AS FOLLOWS: 1,828 ON 2/9/2018; 1,827 ON 2/9/2019; AND 1,828 ON 2/9/2020.
(2) THE 840 OPTIONS REMAINING WILL VEST ON 2/11/2018.
(3) COMMON SHARES ACQUIRED UPON VESTING OF RESTRICTED STOCK UNITS AWARDED UNDER THE ISSUER'S 2008 PERFORMANCE INCENTIVE PLAN.
(4) FULLY VESTED RESTRICTED STOCK UNITS ISSUED IN ALASKA AIR GROUP COMMON STOCK.
(5) COMMON SHARES FORFEITED TO COVER PAYROLL TAXES UPON VESTING OF RESTRICTED STOCK UNITS.
(6) PRICE PROVIDED IN COLUMN 4 REPRESENTS THE FMV OF THE SHARES ON THE DATE OF FORFEITURE.
(7) OPTIONS REMAINING WILL VEST AS FOLLOWS: 1,572 ON 2/10/2018 AND 1,573 ON 2/10/2019.

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