The dollar value of new shares your board of directors has authorized for sale to the public this year. You can issue up to 20% of the outstanding shares each year.
For example, suppose you have 2 million shares outstanding, and the stock price is $30.00 on January 1st. You could issue 400 thousand new shares at $30 and raise a maximum of $12 million.
If you choose to issue stock, you cannot exceed this limit.