Dotted Font

New Document

Make a new document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is WHITE.

Set the Font

Select the TYPE tool and type in the word. I used Arial as my font and bumped the size up. Also added bold and strong.

Blending modes

Apply all these blending modes to your text layer:

Change the Color

Duplicate the text layer. Now all we got to do is change the Color Overlay blending option to a grey type of color:

Elliptical Marque

Now we want to use the Elliptical Marque Tool to make the selection of dots. Hold shift to make multiple selections. Make enough dots. For example:

After making the selections right click the layer and go to Rasterize.
Once the Layer is Rasterized you can now press DELETE.

Also note I added a Drop Shadow to the Orange Text Layer.