As shown in the image, the earth's elliptical orbit causes it to travel faster at certain times of the year according to Kepler's laws, and as a result the earth is farther along in its orbit that it would be if it traveled at a constant speed. The earth will also fall behind at certain times throughout the year as its speed slows down. In the image, the angle a represents an angle of the "mean sun" measured from perihelion; that is, the angle the sun would have covered since perihelion if its orbit was circular. The angle v represents the angle of the "true sun" from its perihelion date. What we are interested in for calculating the Equation of Time is the difference in these angles. After all, the Equation of Time is a measure of the difference in position of the true sun from the mean sun as we observe it from the surface of the earth. After finding the difference between the two angles, we can find how many degrees in the sky the sun's position is offset from what we might expect. With a few simple calculations, this deviation can be converted to minutes, and we find that the sun strays from its mean position by almost 8 minutes at times.
The resulting Equation of Time curve oscillates with a single period throughout the course of the year. Zero values occur at perihelion (Jan 3rd) and aphelion (July 5th), since the angles a and v are measured from perihelion. The above image shows the Equation of Time resulting from the earth's elliptical orbit.
Here is a more detailed mathematical explanation.
The above pictures show the effect of the tilted axis of the earth. This does not refer the movement of the sun across the horizon throughout the course of the year, specifically between the tropic of cancer and the tropic of capricorn. Although that movement does help to shape the analemma, the effects of the tilt as are relavent to the equation of time are different. Since the sun now revolves around the earth (although not really-the earth revolves around the sun, but its easier to understand for this circumstance) on a tilt, it will lag behind its mean position (that of the horizontal orbit) since it has to travel a farther distance, much like the hypotenuse of a right triangle is longer than its horizontal leg. This adds another offset to our equation of time formula that results from the tilt of the axis. We can again easily calculate how many minutes ahead or behind the sun is by finding the difference between the mean angle and the true angle, as is labeled in the second image.
The resulting Equation of Time curve actually has two periods throughout the course of a single year; there are four zero values, one for each equinox (Mar 21 and Sep 21) and one for each solstice (Jun 21 and Dec 21). The graph above shows this curve resulting from the tilt of the axis.
Here is a more detailed mathematical explanation.
Above are images of the analemma and how it is formed. When the two results from the equation of time, one from the elliptical orbit and one from the tilt of the axis, are added together, the final equation of time can be found. The graph of this summation is shown in the middle. The resulting curve gives shape to the pattern of the analemma. As mentioned before, the final factor contributing to this phenomenon is the movement of the sun from the tropic of cancer to the tropic of capricorn throughout the course of the year. This is also due to the tilt of the axis. When standing on the equator during the equinox, the sun will pass directly overhead, but as the earth approaches solstices in its orbit, the equator no longer represents the center of the earth that faces the sun. It might be at an equivalent lattitude of up to 23.5 degrees north or south, and the sun therefore sets at a different location on the horizon. The analemma is formed when its graph is reflected about the solstices, as shown on the right. The graphs for tilt and ellipse have been removed, and the summation has been reflected at July 21 and again at December 21. The resulting figure is the analemma.
By using these same methods of calculating the equation of time and the nature of the orbit, analemmas and traces can be simulated for most of the other 8 planets as well. The exceptions to this are Mercury and Venus. Mercury is tidally locked to the sun, and its period of rotation is exactly 2/3 its period of revolution. Since a year on Mercury is slightly longer than a day, Mercury does not produce an analemmic pattern that can be observed. Venus, although its year is longer, has an extremely slow rotation speed. To complicate matters even more, its spin is clockwise, backwards when compared to the counterclockwise motion of all other planets in the solar system. Excluding these two exceptions, analemmas can be observed from the surface of all other planets, and many other orbitting bodies for that matter. If the orbital elements are known for an orbiting asteroid or comet, analemmas can be calculated for these objects as well.
Here are some examples of other analemmic patterns and orbits.