Common stock

At December 31, 2015 and 2014, JPMorgan Chase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share.

Common shares issued (newly issued or distributed from treasury) by JPMorgan Chase during the years ended December 31, 2015, 2014 and 2013 were as follows.



Year ended December 31, (in millions)	2015		2014		2013
Total issued – balance at January 1 and December 31	4,104.9		4,104.9		4,104.9
Treasury – balance at January 1	(390.1	)	(348.8	)	(300.9	)
Purchase of treasury stock	(89.8	)	(82.3	)	(96.1	)
Issued from treasury:
Employee benefits and compensation plans	32.8		39.8		47.1
Issuance of shares for warrant exercise	4.7		—		—
Employee stock purchase plans	1.0		1.2		1.1
Total issued from treasury	38.5		41.0		48.2
Total treasury – balance at December 31	(441.4	)	(390.1	)	(348.8	)
Outstanding at December 31	3,663.5		3,714.8		3,756.1

At December 31, 2015, 2014, and 2013, respectively, the Firm had 47.4 million, 59.8 million and 59.8 million warrants outstanding to purchase shares of common stock (the “Warrants”). The Warrants are currently traded on the New York Stock Exchange, and they are exercisable, in whole or in part, at any time and from time to time until October 28, 2018. The original warrant exercise price was $42.42 per share. The number of shares issuable upon the exercise of each warrant and the warrant exercise price is subject to adjustment upon the occurrence of certain events, including, but not limited to, the extent to which regular quarterly cash dividends exceed $0.38 per share. As a result of the Firm’s quarterly common stock dividend exceeding $0.38 per share commencing with the second quarter of 2014, the exercise price of the Warrants has been adjusted each subsequent quarter, and was $42.284 as of December 31, 2015. There has been no change in the number of shares issuable upon exercise.

On March 11, 2015, in conjunction with the Federal Reserve’s release of its 2015 Comprehensive Capital Analysis and Review (“CCAR”) results, the Firm’s Board of Directors has authorized a $6.4 billion common equity (i.e., common stock and warrants) repurchase program. As of December 31, 2015, $2.7 billion (on a settlement-date basis) of authorized repurchase capacity remained under the program. This authorization includes shares repurchased to offset issuances under the Firm’s equity-based compensation plans.

The following table sets forth the Firm’s repurchases of common equity for the years ended December 31, 2015, 2014 and 2013, on a settlement-date basis. There were no warrants repurchased during the years ended December 31, 2015, 2014 and 2013.



Year ended December 31, (in millions)	2015		2014		2013
Total number of shares of common stock repurchased	89.8		82.3		96.1
Aggregate purchase price of common stock repurchases	$	5,616	$	4,760	$	4,789

The Firm may, from time to time, enter into written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate repurchases in accordance with the common equity repurchase program. A Rule 10b5-1 repurchase plan allows the Firm to repurchase its equity during periods when it would not otherwise be repurchasing common equity — for example, during internal trading “blackout periods.” All purchases under a Rule 10b5-1 plan must be made according to a predefined plan established when the Firm is not aware of material nonpublic information. For additional information regarding repurchases of the Firm’s equity securities, see Part II,

Item 5: Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities, on page 20.

As of December 31, 2015, approximately 195 million unissued shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, director compensation plans, and the Warrants, as discussed above.