Disclosed is a method which combines catalytic cracking and olefin production using a coked catalytic cracking catalyst as a dehydrogenation catalyst to dehydrogenate an alkane feed stream and form an olefin rich product stream. The method uses a staged backmixed regeneration system to form the dehydrogenation catalyst and to fully reactivate deactivated cracking catalyst for reuse in the cracking reaction. The catalyst preferably comprises a crystalline tetrahedral framework oxide component.