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Income (Loss) Per Common Share Attributable to Veeco
 12 Months Ended
Dec. 31, 2011
Income (Loss) Per Common Share Attributable to Veeco  
Income (Loss) Per Common Share Attributable to Veeco

2.     Income (Loss) Per Common Share Attributable to Veeco

        The following table sets forth basic and diluted net income (loss) per common share and the weighted average shares outstanding and diluted weighted average shares outstanding (in thousands, except per share data):

 
   Year ended December 31,  
 
   2011   2010   2009  

Net income (loss)

   $ 127,987   $ 361,760   $ (15,632 )

Net loss attributable to noncontrolling interest

     —     —     (65 )
               

Net income (loss) from continuing operations attributable to Veeco

   $ 127,987   $ 361,760   $ (15,567 )
               

Income (loss) from continuing operations per common share attributable to Veeco:

                    

Basic

   $ 3.23   $ 9.16   $ (0.48 )
               

Diluted

   $ 3.11   $ 8.51   $ (0.48 )
               

Basic weighted average shares outstanding

     39,658     39,499     32,628  

Dilutive effect of stock options, restricted stock awards and units and convertible debt

     1,497     3,015     —  
               

Diluted weighted average shares outstanding

     41,155     42,514     32,628  
               

        Basic income (loss) per common share is computed using the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed using the weighted average number of common shares and common equivalent shares outstanding during the period. The effect of approximately 0.8 million common equivalent shares for the year ended December 31, 2009 were excluded from the diluted weighted average shares outstanding due to the net losses sustained for these periods. No shares were excluded from the computation of diluted weighted average shares outstanding for the years ended December 31, 2011 and 2010.

        During the second quarter of 2011 the entire outstanding principal balance of our convertible debt was converted, with the principal amount paid in cash and the conversion premium paid in shares. The convertible notes met the criteria for determining the effect of the assumed conversion using the treasury stock method of accounting, since we had settled the principal amount of the notes in cash. Using the treasury stock method, it was determined that the impact of the assumed conversion for the years ended December 31, 2011 and 2010 had a dilutive effect of 0.6 million shares and 1.2 million shares, respectively. For the year ended December 31, 2009, the assumed conversion was anti-dilutive, as the average stock price was below the conversion price of $27.23 for the period.