Typically ovulation occurs around day 14 but it can occur earlier or later. Ovulation is when an egg is released from your ovaries (sometimes two eggs are released). LH rises thanks to estrogen output from the growing follicles (see This is Day 12 of your Menstrual Cycle), and it is this rise that triggers the events that now take place in the follicle. LH makes the egg inside the follicle become fully mature, ready for release and fertilization. This is the point at which the egg reduces its number of chromosomes (see How genes are passed on) from 46 to 23.
The follicle is rich with fluid by now. Just before ovulation, it is some 1 in (2 cm) or more in diameter. In position, it lies just below the surface of the ovary. If you could see the follicle, it would look like a blister about to burst. Next the follicle produces enzymes that digest its outer layer, releasing the egg on to the surface of the ovary.
Once the egg is released from the follicle, it's soon swept into the nearest fallopian tube by the fingerlike projections that form the end of the tube, where it will hopefully be fertilized.