Golden Enterprises, a producer of medical pumps, has the following stockholders' equity account on December 31: Stockholders' Equity Common stock$0.80 par value: Authorized 40,000,000 shares; issued 20,000,000 shares $12,000,000 Paid-in capital in excess of par 63,000,000 Retained earnings 31,000,000 $106,000,000

Less: Cost of treasury stock (3,000,000 shares) 4,000,000 Total stockholders' equity $102,000,000

How many shares of additional common stock can Golden sell without gaining approval from its shareholders?