EXHIBIT 12.1



Alaska Airlines, Inc.



Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)



|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                      |  | 2005 |         |   | 2004 |   |         | 2003 |  |   | 2002    |   |  | 2001 |        
|Earnings:                                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income (loss) before income tax expense (benefit) and accounting change               |  | $    | 124,200 |   |      | $ | (27,000 | )    |  | $ | 11,838  |   |  | $    | (87,368 | ) |  | $ | (16,421 | )
|                                                                                      |  |      |         |   |     
|Less: Capitalized interest                                                            |  |      | (8,120  | ) |      |   | (1,099  | )    |  |   | (1,484  | ) |  |      | (2,051  | ) |  |   | (7,459  | )
|Add:                                                                                  |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest on indebtedness                                                              |  |      | 50,167  |   |      |   | 44,136  |      |  |   | 45,164  |   |  |      | 46,261  |   |  |   | 47,432  |  
|Amortization of debt expense                                                          |  |      | 1,006   |   |      |   | 944     |      |  |   | 916     |   |  |      | 815     |   |  |   | 695     |  
|Amortization of capitalized interest                                                  |  |      | 4,707   |   |      |   | 4,811   |      |  |   | 4,990   |   |  |      | 4,993   |   |  |   | 5,013   |  
|Portion of rent under long-term operating leases representative of an interest factor |  |      | 76,591  |   |      |   | 70,493  |      |  |   | 66,590  |   |  |      | 65,896  |   |  |   | 64,161  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings Available for Fixed Charges                                                  |  | $    | 248,551 |   |      | $ | 92,285  |      |  | $ | 128,014 |   |  | $    | 28,546  |   |  | $ | 93,421  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges:                                                                        |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest                                                                              |  |      | 50,167  |   |      |   | 44,136  |      |  |   | 45,164  |   |  |      | 46,261  |   |  |   | 47,432  |  
|Amortization of debt expense                                                          |  |      | 1,006   |   |      |   | 944     |      |  |   | 916     |   |  |      | 815     |   |  |   | 695     |  
|Portion of rent under long-term operating leases representative of an interest factor |  |      | 76,591  |   |      |   | 70,493  |      |  |   | 66,590  |   |  |      | 65,896  |   |  |   | 64,161  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total Fixed Charges                                                                   |  | $    | 127,764 |   |      | $ | 115,573 |      |  | $ | 112,670 |   |  | $    | 112,972 |   |  | $ | 112,288 |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                                                    |  |      | 1.95    |   |      |   | 0.80    |      |  |   | 1.14    |   |  |      | 0.25    |   |  |   | 0.83    |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Coverage deficiency                                                                   |  | $    |        |   |      | $ | 23,288  |      |  |   |        |   |  | $    | 84,426  |   |  | $ | 18,867  |  
|                                                                                      |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |