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 repurchases of warrants during the years ended December 31, 2018, 2017 and 2016. On September 10, 2018, the Firm’s last remaining issuer of outstanding trust preferred securities (“issuer trust”) was liquidated, resulting in $475 million of trust preferred securities and $15 million of trust common securities originally issued by the issuer trust being cancelled. On December 18, 2017, the Delaware trusts that issued seven series of outstanding trust preferred securities were liquidated, and $1.6 billion of trust preferred and $56 million of trust common securities originally issued by those trusts were cancelled. For additional information, refer to Note 19. The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives. On September 18, 2018, the Firm announced that its Board of Directors increased the quarterly common stock dividend from $0.56 per share to $0.80 per share, effective with the dividend paid on October 31, 2018. The Firm’s dividends are subject to the Board of Directors’ approval on a quarterly basis. For information regarding dividend restrictions, refer to Note 20 and Note 25. The following table shows the common dividend payout ratio based on net income applicable to common equity. During the year ended December 31, 2018, warrant holders exercised their right to purchase 14.9 million shares of the Firm’s common stock. The Firm issued from treasury stock 9.4 million shares of its common stock as a result of these exercises. There were no 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, the Firm had 15.0 million warrants outstanding. Effective June 28, 2018, the Firm’s Board of Directors authorized the repurchase of up to $20.7 billion of common equity between July 1, 2018 and June 30, 2019, as part of its annual capital plan. As of December 31, 2018, $10.4 billion of authorized repurchase capacity remained under the common equity repurchase program. 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. JPMorgan Chase & Co./2018 Form 10-K 92 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 Rule 10b5-1 plans must be made according to predefined schedules established when the Firm is not aware of material nonpublic information. The authorization to repurchase common equity will be utilized at management’s discretion, and the timing of purchases and the exact amount of common equity 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 executed through open market purchases or privately negotiated transactions, or utilizing Rule 10b5- 1 plans; and may be suspended by management at any time. 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 Year ended December 31, 2018 2017 2016 Common dividend payout ratio $_{30%}$  33% 30% Common equity Common stock dividends Trust preferred securities Management’s discussion and analysis