Alaska Air Group reported 2011 adjusted earnings of $287 million, a second consecutive annual record.

"The improvement was due to schedule optimization and network expansion, high load factors, lower non-fuel unit costs and industry-leading customer service and operational performance," according to CEO Bill Ayer. Including all one-time items, fourth-quarter and full-year 2011 net income each declined marginally versus 2010. Fourth-quarter revenue increased 10 percent to $957 million.