Define the term "Earnings Yield".

a positive balance of financial and economic activity

This is opposite of Price to earning ratio. 

Earnings yield = Recent EPS/Current Market Price

The earnings yield represents the percentage of the stock price that was earned by the company.

It is earnings per share from the previous four quarters divided by the share price. It is the reciprocal of the P/E ratio. Formula to calculate earning yield is:

Earnings Yield = Sum of Trailing12 Months Diluted Earnings Per Share / Current Stock Price

earnig yeild = Earning per share (EPS) / Market price per share.

it tells how much the company generates earnings on its Market price.

As decribed by Akram Masuud and Mr. Mohammad Iqbal, Earning yield is reciprocal to EPS. And actually measures the Yield on Share price. Meaning how much percentage was earned on investment in one share purchased on a market price.

Earnings yield is the quotient of earnings per share divided by the share price. It is the reciprocal of the P/E ratio.The earnings yield is quoted as a percentage, allowing an easy comparison to going bond rates.

The earnings yield can be used to compare the earnings of a stock, sector or the whole market against bond yields. Generally, the earnings yields of equities are higher than the yield of risk-free treasury bonds reflecting the additional risk involved in equity investments.