We demonstrate simultaneous phase and amplitude extraction from a single defocused image of a homogeneous object. Subject to the assumptions explicitly stated in the derivation, the algorithm solves the twin-image problem of in-line holography and is capable of analysing data obtained using X-ray microscopy, electron microscopy, neutron microscopy or visible-light microscopy, especially as they relate to defocus and point projection methods. Our simple, robust, non-iterative and computationally efficient method is applied to data obtained using an X-ray phase contrast ultramicroscope.