Well consider youself lucky. There is a known issue with some if not alot of 2011 imacs and external displays. I have to send my 2011 21.5 i7 2.8 W/SSD and 1TB HD back because it will not wake from sleep from my external monitor. I have tried four different monitors none wake from sleep.
I have taken my 21.5 imac and external monitor to the Apple store. They plugged my external via DVI to mini display port adapter to four different 2011 imacs and none woke from sleep. Hooked it up to a Mac Mini via HDMI and it worked. Hooked it up to a 2010 model and it worked.
I have a 2010 27 W/SSD i7 2.93 refurb on the way to replace my current imac. I know that will work because I have used a 2010 model with this monitor and it works.
Talked to high level tech support and was e'mailed by Apple engineers and they said it is a known issue and they are working on it. Similar issue that the 2011 MacBookPro's had.
I hope you do not have any more problems.