Under what circumstances does Paul drop out right after Super Tuesday? None. So why shouldn't Newt also stay in and rack up some delegates?
As Erc said, few of the states are strictly proportional. And even those with proportionality have a 15% or 20% floor for winning any delegates. So if he starts falling below that threshold in most of these contests, what's the point of going on?
Also, while there's a certain logic to sticking it out so that you can be a broker in a brokered convention, there's the practical reality of keeping yourself motivated, and keeping your supporters motivated, if you've concluded that the best you can realistically hope for is a 3rd place finish in delegates that will allow to bargain your way onto the veep slot on the GOP ticket.