Cash earnings per share (cash EPS) is the per share cash flow from operations generated by a company. Different from traditional EPS, cash EPS looks at the amount of cash flow that can be allocated to each of the shares outstanding. Cash EPS can be used as a measure of a company's financial performance and ability to generate cash flow, and can be used to compare with industry peers. The formula for calculating cash EPS is as follows:

Cash EPS = Operating Cash Flow / Number of Diluted Shares Outstanding

Where operating cash flow is calculated by adding non-cash transactions such as amortization, depreciation, and deferred tax to net income.