This happens because the convert to editable type function uses the character information only and not the scale information that you may have applied in Photoshop.
It is the same with all layers. Create a smart object in Photoshop, transform it to 50% scale then import as a composition and you will find the scale of the imported layer is 100% not 50%.
Thanks for your answer, but that's not what is happening. In my example above, the character information in photoshop shows a point size of 108. After importing and converting to editable text in after effects, the character panel shows a point size of 72 and a scale value of 150%. After Effects is ignoring the final point size and instead is using a combination of the original type size plus the amount the layer itself was scaled.
If I convert the type layers into smart objects in photoshop before importing into after effects, the layers no longer contain text data and can't be converted.
Not true. You need to understand what typographic measure mean in relation to document DPI and that is always what it comes down to. There's no easy way to explain this, but suffice it to say that AE operates on assumed 72 DPI all the way, hence all such unit conversions happen based on that assumption, which sort of explains the seemingly crooked values. And PS' way of storing the editable data differently from the visible result doesn't make things easier, too. Either way, perhaps your workflow is simply not ideal. In fact I always have tried to use native text formatting instead of arbitrary transforms for the exact reasons that got you in a pinch now - transform operations don't yield replicable results.