Alaska Air Group, Inc. today announced that its board of directors approved a stock repurchase program authorizing the company to buy up to $50 million of its common stock.

“This program allows us to continue enhancing shareholder value through the repurchase of outstanding shares while preserving our strong cash balance,” said Bill Ayer, the company’s chairman and chief executive officer. “Today’s announcement is consistent with the company’s practice of repurchasing shares opportunistically and underscores our commitment to providing a reasonable return to investors.”

The company intends to finance the repurchases with cash on hand. The repurchase program authorizes the company to purchase 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 repurchased a total of approximately $160 million of its common stock through similar programs in 2007, 2008 and 2009.