I'm too lazy to do the math, but here's what somebody I respect has to say:
" In terms of share count, it is by definition dilutive- there are more common shares outstanding than there were yesterday. In terms of per/share metrics like earnings or cash-flow per share, it might or might not be beneficial. The math you would need to do is add back in the preferred dividend expense to earnings and then divide by the new number of shares outstanding. If it is higher than the previous EPS/share, then it is actually anti-dilutive, if it is lower than it is dilutive. It will very much depend upon the relative cost of the preferred dividend."
Personally I'm very happy LUNA did it.