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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on July&nbsp;28, 2004


<P>
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<HR size="1" noshade color="#000000" style="margin-top: -10px">





<DIV align="center" style="font-size: 14pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION
</DIV>

<DIV align="center" style="font-size: 12pt">Washington, D.C. 20549
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center">


<DIV align="center" style="font-size: 18pt">FORM S-8</DIV>
<DIV align="center" style="font-size: 12pt">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</DIV>


<P align="center" style="font-size: 24pt"><B>ALASKA AIR GROUP, INC.<BR>
<HR size="1" noshade width="100%" align="center"></B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction<BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>91-1292054</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>19300 Pacific Highway South<BR>
Seattle, WA 98188<BR>
(206)&nbsp;392-5040</B><BR>
<HR size="1" noshade width="100%" align="center">


<DIV align="center" style="font-size: 10pt">(Address of registrant&#146;s Principal Executive Offices)</DIV>



<P align="center" style="font-size: 10pt">ALASKA AIR GROUP, INC. 2004 LONG-TERM INCENTIVE EQUITY PLAN<BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="25%" align="center">



<P align="center" style="font-size: 10pt">Keith Loveless<BR>
General Counsel &#038; Corporate Secretary<BR>
Alaska Air Group, Inc.<BR>
19300 Pacific Highway South<BR>
Seattle, WA 98188<BR>
(206)&nbsp;431-3731<BR>
(Name, address, including ZIP code, and telephone number, including area code, of agent for service)



<P align="center" style="font-size: 10pt">Copy to:<BR>
William G. Gleeson, Esq.<BR>
Chris K. Visser, Esq.<BR>
Preston Gates &#038; Ellis LLP<BR>
925 Fourth Avenue, Suite&nbsp;2900<BR>
Seattle, WA 98104<BR>
(206)&nbsp;623-7580







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PART I. INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="v00490orexv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v00490orexv23w1.txt">EXHIBIT 23.1</A></TD></TR>
</TABLE>
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<P align="center" style="font-size: 10pt">CALCULATION OF REGISTRATION FEE



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of each class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>of securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration fee</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share (3)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price (3)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(3)</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, $1.00
Par Value per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>1,700,000</TD>
    <TD>&nbsp;</TD>
    <TD align="left">shares</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35,207,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,461</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>183,705</TD>
    <TD>&nbsp;</TD>
    <TD>shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>1,883,705</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>shares (2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,461</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A total of 2,400,000 shares of Common Stock of Alaska Air Group, Inc.
(the &#147;Company&#148;) were registered in connection with the Company&#146;s 1999
Long-Term Incentive Equity Plan (the &#147;1999 Plan&#148;) by two separate
registration statements on Form S-8 as follows: (a)&nbsp;1,200,000 shares were
registered by a registration statement on Form S-8, File No.&nbsp;333-87563,
filed on September&nbsp;22, 1999 (the &#147;1999 Form&nbsp;S-8&#148;); and (b)&nbsp;1,200,000
shares were registered by a registration statement on Form S-8, File No.
333-92252, filed on July&nbsp;11, 2002 (the &#147;2002 Form&nbsp;S-8&#148;). On May&nbsp;18, 2004,
the stockholders of the Company approved the Company&#146;s 2004 Long-Term
Incentive Equity Plan (the &#147;2004 Plan&#148;), which replaces the 1999 Plan. Of
the 2,400,000 shares registered in connection with the 1999 Plan, 183,705
shares have not been issued and are not subject to issuance upon the
exercise of outstanding awards granted under the 1999 Plan and are being
carried forward from the 2002 Form S-8 and are registered hereby under the
2004 Plan. A registration fee of $2,577.29 (the &#147;Prior Fee&#148;) was paid
for the 1,200,000 shares registered in connection with the 1999 Plan on
the 2002 Form S-8. Pursuant to Rule&nbsp;457(p), $394.55 of the Prior Fee is
offset against the currently due filing fee and no additional registration
fee is due with respect to the 183,705 shares carried forward to this
registration statement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Together with an indeterminate number of additional shares which may be
necessary to adjust the number of shares reserved for issuance pursuant to
such plan as the result of any future stock split, stock dividend or
similar adjustment of the outstanding Common Stock of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated pursuant to Rule 457(c) solely for purposes of calculating
amount of registration fee, based upon the average of the high and low
prices reported on July&nbsp;21, 2004, as reported on the New York Stock
Exchange.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<!-- link1 " PART I. INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I. INFORMATION REQUIRED IN THE SECTION </B><B>10(a)</B><B> PROSPECTUS</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Rule&nbsp;428 under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), and the instructional Note to Part&nbsp;I of Form S-8, the
information required by Part&nbsp;I to be contained in the Section 10(a) prospectus
has been omitted from this Registration Statement.

<!-- link1 " PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents heretofore filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) by Alaska Air Group, Inc. (the &#147;Company&#148;) are
incorporated herein by reference:



<P align="left" style="margin-left:3%; font-size: 10pt">(a)&nbsp;the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2003 filed on March&nbsp;11, 2004, as amended by the Company&#146;s
Form 10-K/A filed on May&nbsp;21, 2004, which contains audited financial
statements for the most recent fiscal year for which such statements have
been filed;



<P align="left" style="margin-left:3%; font-size: 10pt">(b)&nbsp;the Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter
ended March&nbsp;31, 2004, filed on May&nbsp;11, 2004 and its Current Reports on
Form 8-K filed with the Commission on July&nbsp;22*, July 9*, June&nbsp;21*, May
25*, April&nbsp;23*, April 7*, March&nbsp;17*, March 3*, February&nbsp;27*, January&nbsp;28*,
and January&nbsp;12*, 2004; and



<P align="left" style="margin-left:3%; font-size: 10pt">(c)&nbsp;the description of the Company&#146;s common stock contained in the
Registration Statement on Form 8-A filed on September&nbsp;19, 1985 under
Section 12(b) of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), including any amendments or reports filed for the
purpose of updating such description.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company with the Commission
pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment to this Registration Statement which
indicates that all securities offered hereby have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated in this Registration Statement by reference and to be a part
hereof from the date of filing of such documents, other than information in the
documents that is not deemed to be filed



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="96%" colspan="3">* Reports furnished to the Commission under Item&nbsp;9, Regulation&nbsp;FD Disclosure,
and Item&nbsp;12, Results of Operations and Financial Condition. Pursuant to
General Instruction B of Form 8-K, the reports furnished under Item&nbsp;9 and Item
12 are not deemed to be &#147;filed&#148; for the purposes of Section&nbsp;18 of the Exchange
Act or otherwise subject to the liabilities of that section. Alaska Air Group,
Inc. is not incorporating, and will not incorporate, by reference these reports
into a filing under the Securities Act or the Exchange Act.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">with the Commission. Unless specifically stated to the contrary, none of the
information that the Company discloses under Items 9 or 12 of any Current
Report on Form 8-K that the Company may from time to time furnish to the
Commission will be incorporated by reference into, or otherwise included in,
this Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A statement contained herein or in a document incorporated or deemed to be
incorporated by reference herein, shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained in any
subsequently filed document which is incorporated by reference herein, modifies
or supersedes the statement. Any statements so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of
this prospectus.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law authorizes a court to
award, or a corporation&#146;s board of directors to grant, indemnification to
directors and officers in terms sufficiently broad to permit such
indemnification under certain circumstances for liabilities (including
reimbursement for expenses incurred) arising under the Securities Act. Article
VIII of the Company&#146;s Bylaws provide for permissible indemnification of
officers, employees and other agents to the maximum extent permitted by the
Delaware General Corporation Law. Article&nbsp;11 of the Company&#146;s Restated
Certificate of Incorporation provides that, pursuant to Delaware law, its
directors shall not be liable for monetary damages for breach of their
fiduciary duty as directors to the Company and its stockholders. However, this
provision in the Restated Certificate of Incorporation does not eliminate the
fiduciary duty of the directors, and in appropriate circumstances, equitable
remedies such as injunctive or other forms of non-monetary relief will remain
available under Delaware law. In addition, each director will continue to be
subject to liability for breach of fiduciary duty as a director for (i)&nbsp;any
breach of the director&#146;s duty of loyalty to the Company or its stockholders,
(ii)&nbsp;acts or omissions not in good faith or involving intentional misconduct or
a knowing violation of law, (iii)&nbsp;payment of dividends or approval of stock
repurchases and redemptions that are unlawful under Delaware law and (iv)&nbsp;any
transaction from which the director derived any improper personal benefit. The
provision also does not affect a director&#146;s responsibilities under any other
law, such as the federal securities laws or state or federal environmental
laws. The Company has entered into Indemnification Agreements with its
officers and directors which provide the Company&#146;s officers and directors


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">with further indemnification to the maximum extent permitted by the
Delaware General Corporation Law. The Company also maintains officers&#146; and
directors&#146; liability insurance.

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.


<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibits to this Registration Statement are listed in the Index to
Exhibits on page&nbsp;10.

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">(a)&nbsp;The undersigned registrant (the Company) hereby undertakes:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the Registration Statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than 20&nbsp;percent change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the Registration Statement or
any material change to that information in the Registration Statement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided, however, that clauses (i)&nbsp;and (ii)&nbsp;above do not apply if the
information required to be included in a post-effective amendment by such
clauses is contained in periodic reports filed with or furnished to Commission
by the Company pursuant to Section&nbsp;13 or Sections 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered that remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for purposes of determining any liability under the Securities
Act, each filing of the Company&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(b)&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.


<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Seattle, State of Washington, on this
26<SUP>th</SUP> day of
July, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALASKA AIR GROUP, INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ William S. Ayer</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William S. Ayer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, President and Chief Executive</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints, William S. Ayer and Bradley D.
Tilden, as his or her attorneys-in-fact, with full power of substitution and
resubstitution, for him or her in any and all capacities, to sign any and all
amendments to this Registration Statement (including without limitation
post-effective amendments and any amendments increasing the amount of
securities for which registration is being sought), and to file the same, with
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact full
power and authority to do and perform each and every act and thing requisite
and necessary to be done in connection therewith as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact, or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
date indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>SIGNATURE</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TITLE</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>William S. Ayer
<HR size="1" noshade width="50%" align="left">
William S. Ayer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Chairman, President and Chief
Executive Officer<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Bradley D. Tilden
<HR size="1" noshade width="50%" align="left">
Bradley D. Tilden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Executive Vice President/Finance
and Chief Financial Officer<BR>
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>SIGNATURE</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TITLE</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Brandon S. Pedersen
<HR size="1" noshade width="50%" align="left">
Brandon S. Pedersen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Staff Vice President/Finance
and Controller<BR>
(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Phyllis J. Campbell
<HR size="1" noshade width="50%" align="left">
Phyllis J. Campbell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;17, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Mark R. Hamilton
<HR size="1" noshade width="50%" align="left">
Mark R. Hamilton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Bruce R. Kennedy
<HR size="1" noshade width="50%" align="left">
Bruce R. Kennedy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;16, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Jessie J. Knight Jr.
<HR size="1" noshade width="50%" align="left">
Jessie J. Knight Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>R. Marc Langland
<HR size="1" noshade width="50%" align="left">
R. Marc Langland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Dennis F. Madsen
<HR size="1" noshade width="50%" align="left">
Dennis F. Madsen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;17, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<HR size="1" noshade width="50%" align="left">
Byron I. Mallott
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>John V. Rindlaub
<HR size="1" noshade width="50%" align="left">
John V. Rindlaub
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>J. Kenneth Thompson
<HR size="1" noshade width="50%" align="left">
J. Kenneth Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;26, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>SIGNATURE</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TITLE</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ </I>Richard A. Wien
<HR size="1" noshade width="50%" align="left">
Richard A. Wien
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;20, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 " INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Preston Gates &#038; Ellis LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP, Independent Registered
Public Accounting Firm
</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Preston Gates &#038;
Ellis LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included as part of the signature page to
this Registration Statement and incorporated hereby
reference)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alaska Air Group, Inc. 2004 Long-Term Incentive Equity Plan
(incorporated by reference to Appendix&nbsp;A of the Definitive Proxy Statement Relating to the 2004 Annual Meeting of Shareholders filed with the Commission on April&nbsp;23, 2004)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">10
</DIV>


</BODY>
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sv8
Table of Contents
As filed with the
Securities and Exchange Commission on July 28, 2004
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ALASKA AIR GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation or organization)
91-1292054
(IRS Employer
Identification No.)
19300 Pacific Highway South
Seattle, WA 98188
(206) 392-5040
(Address of registrant's Principal Executive Offices)
ALASKA AIR GROUP, INC. 2004 LONG-TERM INCENTIVE EQUITY PLAN
(Full title of the plan)
Keith Loveless
General Counsel & Corporate Secretary
Alaska Air Group, Inc.
19300 Pacific Highway South
Seattle, WA 98188
(206) 431-3731
(Name, address, including ZIP code, and telephone number, including area code, of agent for service)
Copy to:
William G. Gleeson, Esq.
Chris K. Visser, Esq.
Preston Gates & Ellis LLP
925 Fourth Avenue, Suite 2900
Seattle, WA 98104
(206) 623-7580
TABLE OF CONTENTS
PART I. INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
CALCULATION OF REGISTRATION FEE
Title of each class
Proposed maximum
Proposed maximum
Amount of
of securities to be
Amount to be
offering price per
aggregate offering
registration fee
registered
registered (1)
share (3)
price (3)
(3)
Common Stock, $1.00
Par Value per share
1,700,000
shares
$
20.71
$
35,207,000
$
4,461
183,705
shares
—
—
—
1,883,705
shares (2)
$
4,461
(1)
A total of 2,400,000 shares of Common Stock of Alaska Air Group, Inc.
(the "Company") were registered in connection with the Company's 1999
Long-Term Incentive Equity Plan (the "1999 Plan") by two separate
registration statements on Form S-8 as follows: (a) 1,200,000 shares were
registered by a registration statement on Form S-8, File No. 333-87563,
filed on September 22, 1999 (the "1999 Form S-8"); and (b) 1,200,000
shares were registered by a registration statement on Form S-8, File No.
333-92252, filed on July 11, 2002 (the "2002 Form S-8"). On May 18, 2004,
the stockholders of the Company approved the Company's 2004 Long-Term
Incentive Equity Plan (the "2004 Plan"), which replaces the 1999 Plan. Of
the 2,400,000 shares registered in connection with the 1999 Plan, 183,705
shares have not been issued and are not subject to issuance upon the
exercise of outstanding awards granted under the 1999 Plan and are being
carried forward from the 2002 Form S-8 and are registered hereby under the
2004 Plan. A registration fee of $2,577.29 (the "Prior Fee") was paid
for the 1,200,000 shares registered in connection with the 1999 Plan on
the 2002 Form S-8. Pursuant to Rule 457(p), $394.55 of the Prior Fee is
offset against the currently due filing fee and no additional registration
fee is due with respect to the 183,705 shares carried forward to this
registration statement.
(2)
Together with an indeterminate number of additional shares which may be
necessary to adjust the number of shares reserved for issuance pursuant to
such plan as the result of any future stock split, stock dividend or
similar adjustment of the outstanding Common Stock of the Company.
(3)
Estimated pursuant to Rule 457(c) solely for purposes of calculating
amount of registration fee, based upon the average of the high and low
prices reported on July 21, 2004, as reported on the New York Stock
Exchange.
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PART I. INFORMATION REQUIRED IN THE SECTION
10(a)
PROSPECTUS
In accordance with Rule 428 under the Securities Act of 1933, as amended
(the "Securities Act"), and the instructional Note to Part I of Form S-8, the
information required by Part I to be contained in the Section 10(a) prospectus
has been omitted from this Registration Statement.
PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents heretofore filed with the Securities and Exchange
Commission (the "Commission") by Alaska Air Group, Inc. (the "Company") are
incorporated herein by reference:
(a) the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2003 filed on March 11, 2004, as amended by the Company's
Form 10-K/A filed on May 21, 2004, which contains audited financial
statements for the most recent fiscal year for which such statements have
been filed;
(b) the Company's Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2004, filed on May 11, 2004 and its Current Reports on
Form 8-K filed with the Commission on July 22*, July 9*, June 21*, May
25*, April 23*, April 7*, March 17*, March 3*, February 27*, January 28*,
and January 12*, 2004; and
(c) the description of the Company's common stock contained in the
Registration Statement on Form 8-A filed on September 19, 1985 under
Section 12(b) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), including any amendments or reports filed for the
purpose of updating such description.
All documents subsequently filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment to this Registration Statement which
indicates that all securities offered hereby have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated in this Registration Statement by reference and to be a part
hereof from the date of filing of such documents, other than information in the
documents that is not deemed to be filed
* Reports furnished to the Commission under Item 9, Regulation FD Disclosure,
and Item 12, Results of Operations and Financial Condition. Pursuant to
General Instruction B of Form 8-K, the reports furnished under Item 9 and Item
12 are not deemed to be "filed" for the purposes of Section 18 of the Exchange
Act or otherwise subject to the liabilities of that section. Alaska Air Group,
Inc. is not incorporating, and will not incorporate, by reference these reports
into a filing under the Securities Act or the Exchange Act.
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with the Commission. Unless specifically stated to the contrary, none of the
information that the Company discloses under Items 9 or 12 of any Current
Report on Form 8-K that the Company may from time to time furnish to the
Commission will be incorporated by reference into, or otherwise included in,
this Registration Statement.
A statement contained herein or in a document incorporated or deemed to be
incorporated by reference herein, shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained in any
subsequently filed document which is incorporated by reference herein, modifies
or supersedes the statement. Any statements so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of
this prospectus.
Item 4. Description of Securities.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law authorizes a court to
award, or a corporation's board of directors to grant, indemnification to
directors and officers in terms sufficiently broad to permit such
indemnification under certain circumstances for liabilities (including
reimbursement for expenses incurred) arising under the Securities Act. Article
VIII of the Company's Bylaws provide for permissible indemnification of
officers, employees and other agents to the maximum extent permitted by the
Delaware General Corporation Law. Article 11 of the Company's Restated
Certificate of Incorporation provides that, pursuant to Delaware law, its
directors shall not be liable for monetary damages for breach of their
fiduciary duty as directors to the Company and its stockholders. However, this
provision in the Restated Certificate of Incorporation does not eliminate the
fiduciary duty of the directors, and in appropriate circumstances, equitable
remedies such as injunctive or other forms of non-monetary relief will remain
available under Delaware law. In addition, each director will continue to be
subject to liability for breach of fiduciary duty as a director for (i) any
breach of the director's duty of loyalty to the Company or its stockholders,
(ii) acts or omissions not in good faith or involving intentional misconduct or
a knowing violation of law, (iii) payment of dividends or approval of stock
repurchases and redemptions that are unlawful under Delaware law and (iv) any
transaction from which the director derived any improper personal benefit. The
provision also does not affect a director's responsibilities under any other
law, such as the federal securities laws or state or federal environmental
laws. The Company has entered into Indemnification Agreements with its
officers and directors which provide the Company's officers and directors
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with further indemnification to the maximum extent permitted by the
Delaware General Corporation Law. The Company also maintains officers' and
directors' liability insurance.
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits.
The Exhibits to this Registration Statement are listed in the Index to
Exhibits on page 10.
Item 9. Undertakings.
(a) The undersigned registrant (the Company) hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) To reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the Registration Statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the Registration Statement or
any material change to that information in the Registration Statement;
provided, however, that clauses (i) and (ii) above do not apply if the
information required to be included in a post-effective amendment by such
clauses is contained in periodic reports filed with or furnished to Commission
by the Company pursuant to Section 13 or Sections 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.
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(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered that remain unsold at the termination of
the offering.
(4) That, for purposes of determining any liability under the Securities
Act, each filing of the Company's annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(b) Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Seattle, State of Washington, on this
26
th
day of
July, 2004.
ALASKA AIR GROUP, INC.
/s/ William S. Ayer
William S. Ayer
Chairman, President and Chief Executive
Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints, William S. Ayer and Bradley D.
Tilden, as his or her attorneys-in-fact, with full power of substitution and
resubstitution, for him or her in any and all capacities, to sign any and all
amendments to this Registration Statement (including without limitation
post-effective amendments and any amendments increasing the amount of
securities for which registration is being sought), and to file the same, with
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact full
power and authority to do and perform each and every act and thing requisite
and necessary to be done in connection therewith as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact, or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
date indicated.
SIGNATURE
TITLE
DATE
/s/
William S. Ayer
William S. Ayer
Chairman, President and Chief
Executive Officer
(Principal Executive Officer)
July 26, 2004
/s/
Bradley D. Tilden
Bradley D. Tilden
Executive Vice President/Finance
and Chief Financial Officer
(Principal Financial Officer)
July 26, 2004
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SIGNATURE
TITLE
DATE
/s/
Brandon S. Pedersen
Brandon S. Pedersen
Staff Vice President/Finance
and Controller
(Principal Accounting Officer)
July 26, 2004
/s/
Phyllis J. Campbell
Phyllis J. Campbell
Director
July 17, 2004
/s/
Mark R. Hamilton
Mark R. Hamilton
Director
July 19, 2004
/s/
Bruce R. Kennedy
Bruce R. Kennedy
Director
July 16, 2004
/s/
Jessie J. Knight Jr.
Jessie J. Knight Jr.
Director
July 26, 2004
/s/
R. Marc Langland
R. Marc Langland
Director
July 26, 2004
/s/
Dennis F. Madsen
Dennis F. Madsen
Director
July 17, 2004
Byron I. Mallott
Director
July 26, 2004
/s/
John V. Rindlaub
John V. Rindlaub
Director
July 19, 2004
/s/
J. Kenneth Thompson
J. Kenneth Thompson
Director
July 26, 2004
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SIGNATURE
TITLE
DATE
/s/
Richard A. Wien
Richard A. Wien
Director
July 20, 2004
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INDEX TO EXHIBITS
Exhibit Number
Description
5.1
Opinion of Preston Gates & Ellis LLP
23.1
Consent of Deloitte & Touche LLP, Independent Registered
Public Accounting Firm
23.2
Consent of Preston Gates &
Ellis LLP (included in Exhibit 5.1)
24
Power of Attorney (included as part of the signature page to
this Registration Statement and incorporated hereby
reference)
99.1
Alaska Air Group, Inc. 2004 Long-Term Incentive Equity Plan
(incorporated by reference to Appendix A of the Definitive Proxy Statement Relating to the 2004 Annual Meeting of Shareholders filed with the Commission on April 23, 2004)
10