Alaska Air Group, Inc.                                                     EXHIBIT 11 
Computation of Earnings Per Common Share                                              
(In thousands, except per share)                                                      
                                                                                      
                                                                             
                                                                             Three Mo 
                                                                                  Mar 
                                                                                      
                                                                  1996          1995  
                                                                                      
                                                                             
PRIMARY -                                                                             
 Net income                                                    ($7,185)     ($16,340) 
                                                                                      
                                                                                      
Average number of shares outstanding                            13,700        13,400  
Assumed exercise of stock options reduced                                             
 by the number of shares purchased with                                               
 the proceeds from exercise of such options                          0             0  
                                                                                      
 Average shares as adjusted                                     13,700        13,400  
                                                                                      
 Earnings (loss) per Common Share                               ($0.52)       ($1.22) 
                                                                                      
                                                                                      
                                                                                      
FULLY DILUTED -                                                                       
 Net income                                                    ($7,185)     ($16,340) 
 After tax interest on convertible debt                          2,019         2,111  
                                                                                      
 Income applicable to common shares                            ($5,166)     ($14,229) 
                                                                                      
                                                                                      
 Average number of shares outstanding                           13,700        13,400  
 Assumed exercise of stock options                                 307             4  
 Assumed conversion of 6.5% debentures                           6,151             0  
 Assumed conversion of 7.75% debentures                            381           508  
 Assumed conversion of 6.875% debentures                         1,608         1,608  
 Assumed conversion of 7.25% notes                                   0         3,565  
                                                                                      
 Average shares as adjusted                                     22,147        19,085  
                                                                                      
 Earnings (loss) per Common Share                               ($0.23)       ($0.75) 
                                                                *             *       
* Anti-dilutive