This paper examines how EPS differs when calculated using two different measures of income: net
income and comprehensive income. To examine how the measures differ in practice Spanish companies
listed on the IBEX-35, during the period 2004-2008 are examined. This period covers a time of serious
financial crisis. The Wilcoxon Signed-Rank Test was used to identify differences. The results show
statistically significant differences in EPS depending upon calculation method for three of the years
studied. Results in 2008 are specifically noteworthy. The evidence suggests a new dimension in
fundamental analysis
