Alaska Air Group reports first quarter net income of $28.3m

Alaska Air Group reported first quarter 2012 GAAP net income of $40.8m, compared to GAAP net income of $74.2m in 2011. Excluding mark-to-market fuel hedge gains of $19.9m ($12.5m after tax), the company reported first quarter 2012 net income of $28.3 million, compared to net income excluding special items of $29.5m in 2011.