Note that I almost exclusively work on "business/utility/productivity" applications; things that rely heavily on fairly standard UI elements and expect to integrate well with their platform. This answer reflects that. See Mitch Lindgren's comment to Shaggy Frog's answer for good comments for game developers, who have a completely different situation.
I believe @Shaggy Frog is incorrect here. If you have effective, tested code in C++, there is no reason not to share it between Android and iPhone, and I've worked on projects that do just that and it can be very successful. There are dangers that should be avoided, however.
Most critically, be careful of "lowest common denominator." Self-contained, algorithmic code, shares very well. Complex frameworks that manage threads, talk on the network, or otherwise interact with the OS are more challenging to do in a way that doesn't force you to break the paradigms of the platform and shoot for the LCD that works equally badly on all platforms. In particular, I recommend writing your networking code using the platform's frameworks. This often requires a "sandwich" approach where the top layer is platform-specific and the very bottom layer is platform-specific, and the middle is portable. This is a very good thing if designed carefully.
Thread management and timers should also be done using the platform's frameworks. In particular, Java uses threads heavily, while iOS typically relies on its runloop to avoid threads. When iOS does use threads, GCD is strongly preferred. Again, the solution here is to isolate the truly portable algorithms, and let platform-specific code manage how it gets called.
If you have a complex, existing framework that is heavily threaded and has a lot of network or UI code spread throughout it, then sharing it may be difficult, but my recommendation still would be to look for ways to refactor it rather than rewrite it.
As an iOS and Mac developer who works extensively with cross-platform code shared on Linux, Windows and Android, I can say that Android is by far the most annoying of the platforms to share with (Windows used to hold this distinction, but Android blew it away). Android has had the most cases where it is not wise to share code. But there are still many opportunities for code reuse and they should be pursued.
