The side-channel leakage is a consequence of program execution in a computer processor, and understanding relationship between code execution and information leakage is a necessary step in estimating information leakage and its capacity limits. This paper proposes a methodology to relate program execution to electromagnetic side-channel emanations and estimates side-channel information capacity created by execution of series of instructions (e.g., a function, a procedure, or a program) in a processor. To model dependence among program instructions in a code, we propose to use Markov source model, which includes the dependencies among sequence of instructions as well as dependencies among instructions as they pass through a pipeline of the processor. The emitted electromagnetic (EM) signals during instruction executions are natural choice for the inputs into the model. To obtain the channel inputs for the proposed model, we derive a mathematical relationship between the emanated instruction signal power (ESP) and total emanated signal power while running a program. Then, we derive the leakage capacity of EM side channels created by execution of series of instructions in a processor. Finally, we provide experimental results to demonstrate that leakages could be severe and that a dedicated attacker could obtain important information.