When should you use EPS?

Could you please elaborate on the ideal scenarios where the use of EPS, or Earnings Per Share, would be most beneficial? Are there any specific industries or business sizes that tend to benefit more from monitoring this metric? How does EPS compare to other financial ratios in terms of providing valuable insights into a company's performance and profitability? And, finally, what are some potential pitfalls or misconceptions that investors should be aware of when relying solely on EPS to evaluate investment opportunities?