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EXHIBIT 12

Alaska Airlines, Inc.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)

|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|------------------------------------------------------------------------------------- |  | ---- | -------- | ---- |  | ---- | -------- | ---- |  | ---- | ------- | - |  | - | ------- | - |  | - | ------- | -
|                                                                                      |  | 2001 |          | 2000 |  | 1999 |          | 1998 |  | 1997
|                                                                                      |  |      |          |      |  |      |          |      |  |     
|Earnings:                                                                             |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Income (loss) before income tax and accounting change                                 |  |      | ($16,421 | )    |  |      | ($20,079 | )    |  | $    | 186,525 |   |  | $ | 191,279 |   |  | $ | 130,146 |  
|Less: Capitalized interest                                                            |  |      | (7,459   | )    |  |      | (13,799  | )    |  |      | (10,380 | ) |  |   | (5,570  | ) |  |   | (3,446  | )
|Add:                                                                                  |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Interest on indebtedness                                                              |  |      | 47,432   |      |  |      | 36,043   |      |  |      | 16,339  |   |  |   | 17,432  |   |  |   | 25,005  |  
|Amortization of debt expense                                                          |  |      | 695      |      |  |      | 322      |      |  |      | 429     |   |  |   | 512     |   |  |   | 267     |  
|Portion of rent under long-term
operating leases representative
of an interest factor |  |      | 64,161   |      |  |      | 62,691   |      |  |      | 65,243  |   |  |   | 64,533  |   |  |   | 59,237  |  
|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Earnings Available for Fixed Charges                                                  |  | $    | 88,408   |      |  | $    | 65,178   |      |  | $    | 258,156 |   |  | $ | 268,186 |   |  | $ | 211,209 |  
|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Fixed Charges:                                                                        |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Interest                                                                              |  |      | 47,432   |      |  |      | 36,043   |      |  |      | 16,339  |   |  |   | 17,432  |   |  |   | 25,005  |  
|Amortization of debt expense                                                          |  |      | 695      |      |  |      | 322      |      |  |      | 429     |   |  |   | 512     |   |  |   | 267     |  
|Portion of rent under long-term
operating leases representative
of an interest factor |  |      | 64,161   |      |  |      | 62,691   |      |  |      | 65,243  |   |  |   | 64,533  |   |  |   | 59,237  |  
|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Total Fixed Charges                                                                   |  | $    | 112,288  |      |  | $    | 99,056   |      |  | $    | 82,011  |   |  | $ | 82,477  |   |  | $ | 84,509  |  
|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                                                    |  |      | 0.79     |      |  |      | 0.66     |      |  |      | 3.15    |   |  |   | 3.25    |   |  |   | 2.50    |  
|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |  
|Coverage excess/(deficiency)                                                          |  |      | ($23,880 | )    |  |      | ($33,878 | )    |  | $    | 176,145 |   |  | $ | 185,709 |   |  | $ | 126,700 |  
|                                                                                      |  |      |          |      |  |      |          |      |  |      |         |   |  |   |         |   |  |   |         |