Alaska Air Group reports second quarter net income of $28.8 million

Alaska Air Group reported second quarter 2011 net income of $28.8 million, compared to net income of $58.6 million in the second quarter of 2010. Excluding mark-to-market fuel hedge losses of $70.9 million ($44.1 million after tax) and fleet transition costs of $26.8 million ($16.7 million after tax), the company reported record second quarter 2011 net income of $89.6 million, compared to net income of $84.0 million, or $2.29 per diluted share, excluding special items in the second quarter of 2010.