What does a change in Earnings Per Share (EPS) signify?

I'm reviewing Honda's financial statements from the past five years. I noticed that their Earnings Per Share (EPS) has increased over this time. From 2007 to 2003 these are the numbers - 2.76, 2.76, 2.43, 2.33, 1.86. I know the formula for EPS (Net Income available to common shareholders / number of shares) , but what does this actually translate to? What are real reasons behind an increasing EPS? Is it mostly an increase in net income?