Note 22 – Common stock At December 31, 2020 and 2019, JPMorgan Chase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share. Common shares issued (reissuances from treasury) by JPMorgan Chase during the years ended December 31, 2020, 2019 and 2018 were as follows. There were no warrants to purchase shares of common stock (“Warrants”) outstanding at December 31, 2020 and December 31, 2019 as any Warrants that were not exercised on or before October 29, 2018 have expired. On March 15, 2020, in response to the economic disruptions caused by the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020. On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021, subject to certain restrictions. The Firm's Board of Directors has authorized a new common share repurchase program for up to $30 billion. As of December 31, 2020, approximately 62.1 million shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, and directors’ compensation plans. The authorization to repurchase common shares is utilized at management’s discretion, and the timing of purchases and the exact amount of common shares that may be repurchased is subject to various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); internal capital generation; and alternative investment opportunities. The repurchase program does not include specific price targets or timetables; may be suspended by management at any time; and may be executed through open market purchases or privately negotiated transactions, or utilizing Rule 10b5-1 plans, which are written trading plans that the Firm may enter into from time to time under Rule 10b5-1 of the Securities Exchange Act of 1934 and which allow the Firm to repurchase its common shares during periods when it may otherwise not be repurchasing common shares —for example, during internal trading blackout periods. The following table sets forth the Firm’s repurchases of common stock for the years ended December 31, 2020, 2019 and 2018. There were no Warrants repurchased during 2018. Year ended December 31,  (in millions) 2020 2019 2018 Total issued – balance at January 1 4,104.9 4,104.9  4,104.9  Treasury – balance at January 1 (1,020.9) (829.1) (679.6) Repurchase (50.0) (213.0) (181.5) Reissuance: Employee benefits and compensation plans 14.2 20.4  21.7  Warrant exercise — —  9.4  Employee stock purchase plans 1.2 0.8  0.9  Total reissuance 15.4 21.2  32.0  Total treasury – balance at December 31 (1,055.5) (1,020.9) (829.1) Outstanding at December 31 3,049.4 3,084.0  3,275.8  Year ended December 31, (in millions) 2020 2019 2018 Total number of shares of common stock repurchased 50.0 213.0  181.5  Aggregate purchase price of common stock repurchases $ 6,397 $ 24,121  $ 19,983  273 JPMorgan Chase & Co./2020 Form 10-K