Source : Free On-Line Dictionary of Computing

lines of code
     
         (LOC) A common measure of the size or
        progress of a programming project.  For example, one can
        describe a completed project as consisting of 100,000 LOC; or
        one can characterise a week's progress as 5000 LOC.
     
        Using LOC as a metric of progress encourages programmers to
        {reinvent the wheel} or split their code into lots of short
        lines.
     
        (2001-05-28)