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Common Stock
 12 Months Ended
Dec. 31, 2018
Stockholders' Equity Note [Abstract]  
Common Stock Common stock
At December 31, 2018 and 2017, 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 reissuance from treasury) by JPMorgan Chase during the years ended December 31, 2018, 2017 and 2016 were as follows.
Year ended December 31,
(in millions)
2018

2017

2016

Total issued – balance at January 1
4,104.9

4,104.9

4,104.9

Treasury – balance at January 1
(679.6
)
(543.7
)
(441.4
)
Repurchase
(181.5
)
(166.6
)
(140.4
)
Reissuance:
 
 
 
Employee benefits and compensation plans
21.7

24.5

26.0

Warrant exercise
9.4

5.4

11.1

Employee stock purchase plans
0.9

0.8

1.0

Total reissuance
32.0

30.7

38.1

Total treasury – balance at December 31
(829.1
)
(679.6
)
(543.7
)
Outstanding at December 31
3,275.8

3,425.3

3,561.2

There were no warrants to purchase shares of common stock (“Warrants”) outstanding at December 31, 2018, as any Warrants that were not exercised on or before October 29, 2018, have expired. At December 31, 2017, and 2016, respectively, the Firm had 15.0 million and 24.9 million Warrants outstanding.
On June 28, 2018, in conjunction with the Federal Reserve’s release of its 2018 CCAR results, the Firm’s Board of Directors authorized a $20.7 billion common equity repurchase program. As of December 31, 2018, $10.4 billion of authorized repurchase capacity remained under the program. This authorization includes shares repurchased to offset issuances under the Firm’s share-based compensation plans.
The following table sets forth the Firm’s repurchases of common equity for the years ended December 31, 2018, 2017 and 2016. There were no Warrants repurchased during the years ended December 31, 2018, 2017 and 2016.
Year ended December 31, (in millions)
 
2018

 
2017

 
2016

Total number of shares of common stock repurchased
 
181.5

 
166.6

 
140.4

Aggregate purchase price of common stock repurchases
 
$
19,983

 
$
15,410

 
$
9,082


The Firm from time to time enters 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, refer to Part II, Item 5: Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities, on page 30.
As of December 31, 2018, approximately 85 million shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, and directors’ compensation plans.