50w with 6.5dBi give you: ERP 136.18402 watts, Does this sound about right?
Effective Isotropic Radiated Power (EIRP) would be: 223.34179 watts.
I never use dBi and prefer to use dBd when computing ERP as the dipole is a real antenna that many use and can readily relate too rather than an isotropic antenna. Like KC9Q said, you need to take all gains and losses into account when calculating ERP. When in broadcasting we always used dBw, or dB over one watt, and even included connector losses and in some cases path losses when calculating expected signal strength at the receiver.