Defense-Independent Component ERA (DICE) is a 21st-century variation on Component ERA, one of an increasing number of baseball sabermetrics that fall under the umbrella of defense independent pitching statistics.
[1] The formula for Defense-Independent Component ERA (DICE) is: In that equation, "HR" is home runs, "BB" is walks, "HBP" is hit batters, "K" is strikeouts, and "IP" is innings pitched.
Whereas ERA is significantly affected by luck (such as whether the component hits are allowed consecutively), Component ERA eliminates this factor and assigns a weight to each of the recorded 'components' of a pitchers performance.
For CERA, these are singles, doubles, triples, home runs, walks and hit batters.
DICE is an improvement on CERA that removes the contribution of the pitcher's defense, instead estimate a pitcher's ERA from the components of his pitching record that don't involve defense.