Since the recent discussions in other threads about how DPS is calculated, I got hooked on the topic and did some comparison between manual calculations and what is displayed in the character sheet. Apparently, the following formula reproduces exactly the in-game values:

((min+max)/2 + crit_chance*(max+1+Floor[crit_mult*max])/2 + extra_dmg)*speed/10

- min/max ... normal min/max damage
- crit_chance ... critical chance
- crit_mult ... critical multiplier
- speed ... weapon speed
- extra_dmg ... extra elemental damage

However, I think it is not fully correct, since it treats critical hits as if they were added to the normal damage. As I understand it, a hit can either be normal OR critical, not both at the same time. So the normal damage has to be modified by a factor of (1-crit_chance), because if you have a 10% critical chance, you only have a 90% chance of dealing non-critical damage. The extra damage is not affected by this, because it is always the same. So in my opinion, the correct formula reads:

((1-crit_chance)*(min+max)/2 + crit_chance*(max+1+Floor[crit_mult*max])/2 + extra_dmg)*speed/10

Hence, the formula currently implemented in the game exaggerates the DPS, an effect which is normally on the order of a few percent, but can become significant if the critical chance is enhanced, e.g. through Precision Strike. In the worst case this may lead to altering the player's decision on which advanced skills to choose to optimize DPS.

Maybe I'm wrong and misunderstand how critical hits work. But if not, the in-game formula should be corrected.