Happy Holidays all 
Dictionary is correct here.
If you do 200 damage, and attack 2 times a second, that’s 400 damage per second. Was so concentrated on getting the parenthesis correct that we overlooked that wrong divide
Comes primarily from item affixes, the weapon itself only provides weapon damage.
Players are the only entity that use this formula, and the armor/resist comes from your gear. For enemies, they use a separate system that just straight up reduces or increases damage from elemental sources. “Resists Ice” will have ice damage dealt by reduced by 50%, while increasing damage dealt to it by fire by 25%.
They shouldn’t expire
This is incorrect, it only affixes affixes that explicitly say “proc”, and will only increase the “proc” chance for the following:
Meteor Proc
Orb Proc
Storm Proc
Twister Proc
Time Warp Proc
Earthshatter Proc
Torrent Proc
Throw Sword Proc
Bomb Proc
Stealth Proc
Mirror Image Proc
Taunt Proc
ShieldWall Proc
Sprint Proc
Coat Proc
BlinkStrike Proc
Sentry Proc