EXHIBIT 12.1

Alaska Airlines, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)



|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                      |  | 2006 |         |   | 2005 |   |         | 2004 |  |   | 2003    |   |  | 2002 |        
|Earnings:                                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income (loss) before income tax expense (benefit) and accounting change               |  | $    | (92,200 | ) |      | $ | 124,200 |      |  | $ | (27,000 | ) |  | $    | 11,800  |   |  | $ | (87,400 | )
|                                                                                      |  |      |         |   |     
|Less: Capitalized interest                                                            |  |      | (21,549 | ) |      |   | (8,120  | )    |  |   | (1,099  | ) |  |      | (1,484  | ) |  |   | (2,051  | )
|Add:                                                                                  |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest on indebtedness                                                              |  |      | 71,489  |   |      |   | 50,167  |      |  |   | 44,136  |   |  |      | 45,164  |   |  |   | 46,261  |  
|Amortization of debt expense                                                          |  |      | 1,811   |   |      |   | 1,006   |      |  |   | 944     |   |  |      | 916     |   |  |   | 815     |  
|Amortization of capitalized interest                                                  |  |      | 4,756   |   |      |   | 4,707   |      |  |   | 4,811   |   |  |      | 4,990   |   |  |   | 4,993   |  
|Portion of rent under long-term operating leases representative of an interest factor |  |      | 73,801  |   |      |   | 74,691  |      |  |   | 68,181  |   |  |      | 66,590  |   |  |   | 65,896  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings Available for Fixed Charges                                                  |  | $    | 38,108  |   |      | $ | 246,651 |      |  | $ | 89,973  |   |  | $    | 127,976 |   |  | $ | 28,514  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                                      |  |      |         |   |     
|Fixed Charges:                                                                        |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest                                                                              |  |      | 71,489  |   |      |   | 50,167  |      |  |   | 44,136  |   |  |      | 45,164  |   |  |   | 46,261  |  
|Amortization of debt expense                                                          |  |      | 1,811   |   |      |   | 1,006   |      |  |   | 944     |   |  |      | 916     |   |  |   | 815     |  
|Portion of rent under long-term operating leases representative of an interest factor |  |      | 73,801  |   |      |   | 74,691  |      |  |   | 68,181  |   |  |      | 66,590  |   |  |   | 65,896  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total Fixed Charges                                                                   |  | $    | 147,101 |   |      | $ | 125,864 |      |  | $ | 113,261 |   |  | $    | 112,670 |   |  | $ | 112,972 |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                                                    |  |      | 0.26    |   |      |   | 1.96    |      |  |   | 0.79    |   |  |      | 1.14    |   |  |   | 0.25    |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Coverage deficiency                                                                   |  | $    | 108,993 |   |      | $ |        |      |  | $ | 23,288  |   |  |      |        |   |  | $ | 84,458  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |