Alaska Air Group Announces $250 Million Share Repurchase Program

SEATTLE, Sept. 26, 2012 /PRNewswire/ — Alaska Air Group (NYSE: ALK) announced today that its board of directors has approved a stock repurchase program authorizing the company to buy up to $250 million of its common stock. The program does not have an expiration date, however, Air Group is targeting completion by Dec. 31, 2014. The company also announced that it will complete its previous $50 million buyback program today.

“This $250 million repurchase authorization by our board is the largest program we have ever announced, representing over 10 percent of the current market capitalization of our company. This action emphasizes our continued commitment to build long-term shareholder value and highlights our confidence in the future of Alaska Air Group,” President and CEO Brad Tilden said.

The company intends to finance the stock repurchases with cash on hand. The repurchase program authorizes Air Group to buy its common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated share repurchases and 10b5-1 trading plans in accordance with applicable securities laws.

Alaska Air Group has repurchased 18.1 million shares of its common stock, on a split-adjusted basis, for $312 million through similar programs over the past five years.