I called, the airline cannot retroactively apply the companion fare discount to the May trip.

I would
have to cancel both tickets, and then rebook the tickets, and would have to pay the cost of fare as
of today which looks this like for the May wedding trip:

Flights
Flight Departs Arrives
Flight 1 of 2 Alaska 754
coach (H) | Nonstop | Details Seattle (SEA) Raleigh (RDU)
8:40 am Thu, May 12 4:50 pm Thu, May 12

Alaska 754 Distance: 2,348 mi | Duration: 5hours 10minutes

Flight 2 of 2 Alaska 727
coach (Y) | Nonstop | Details Raleigh (RDU) Seattle (SEA)
5:50 pm Sun, May 15 8:30 pm Sun, May 15

Alaska 727 Distance: 2,348 mi | Duration: 5hours 40minutes

Total price for 2 passengers
Passenger 1:$933.96
Companion:$99.00
Taxes, fees and charges: $133.88
Total:$1,166.84
Low-price guarantee

Discount code applied:

ECRC201BQNX6702795

I originally paid 900 and change for the May trip, so it is cheaper just to do what we have now
than it would be to try and rebook. I did the same thing and tried to book the June trip (which cost
us 885 USD + 20,000 frequent flyer miles) using the companion fare to see if we could get it
cheaper, and the June trip looks like this if we rebook it with companion fare:

Flights
Flight Departs Arrives
Flight 1 of 2 Alaska 754
Seattle (SEA) Raleigh (RDU)
coach (V) | Nonstop | Details
8:35 am Tue, Jun 21 4:37 pm Tue, Jun 21
oursinutes
Alaska 754 Distance: 2,348 mi | Duration: 5hours 2minutes
Flight 2 of 2 Alaska 727
Raleigh (RDU) Seattle (SEA)
coach (B) | Nonstop | Details
5:40 pm Sun, Jun 26 8:28 pm Sun, Jun 26
oursinutes
Alaska 727 Distance: 2,348 mi | Duration: 5hours 48minutes
Total price for 2 passengers
Passenger 1:$648.38
Companion:$99.00
Taxes, fees and charges: $112.46
Total:$859.84
Discount code applied:
ECRC201BQNX6702795

So, I could try and rebook, for a savings of 25 bucks but we will not get the 20K miles I used
back on the return. So I personally think that it is better to leave things as they are, and use the
companion flight another time.