Why don't you use management's adjusted EPS?

We're sceptical about management adjustments generally as they introduce a high degree of subjectivity into the accounts. Research also shows that management tend to be over optimistic.

Of course, Reuters' adjustments are subjective too but their methodology is at least consistently applied across all stocks, as opposed to one management team who might do X and another management team who might do Y. That said, Reuters do take note of - and often use - the normalisation information provided by management in the Annual Report but where it is inconsistent with their own methodology, they will disregard it.