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Share-based Payments (Tables) | 6 Months Ended
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Sep. 30, 2023
Share-based Payments [Abstract] |
Assumptions Used to Derive Weighted Average Fair Value of Stock Options Granted | The following assumptions were used to derive the weighted average fair value of the stock options granted:
|  | Six Months Ended |
|  | September 30, |
|  | 2023 |
Weighted average risk free interest rate |  |  | 4.53 | %
Weighted average expected holding period (years) |  |  | 6.57 |
Weighted average expected volatility |  |  | 51.29 | %
Weighted average expected dividend yield |  |  | - |
Weighted average fair value of options granted |  | $ | 3.75 |
Stock Option Transactions | The following is a summary of stock option transactions:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at March 31, 2023 |  |  | 1,232,745 |  |  | $ | 20.20 |
Granted |  |  | 132,133 |  |  | $ | 9.32 |
Exercised |  |  | - |  |  | $ | - |
Forfeited/Cancelled |  |  | (108,456 | ) |  | $ | 19.59 |
Expired |  |  | (134,533 | ) |  | $ | 9.32 |
Outstanding at September 30, 2023 |  |  | 1,121,889 |  |  | $ | 20.28 |
Restricted Stock Units Activity | The following is a summary of non-vested RSUs:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at March 31, 2023 |  |  | 429,354 |  |  | $ | 15.07 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (147,300 | ) |  | $ | 15.67 |
Forfeited/Cancelled |  |  | (77,025 | ) |  | $ | 13.24 |
Outstanding at September 30, 2023 |  |  | 205,029 |  |  | $ | 15.33 |
Monte Carlo Valuation Model Assumptions Used in Determining Fair Value of TSR Awards | The following table summarizes the assumptions used in determining the fair value of the awards subject to market conditions:
|  | Six Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Risk free interest rate |  |  | 4.32-4.35 | % |  |  | 3.35 | %
Expected life in years |  |  | 0.2-1.8 |  |  |  | 3 |
Expected volatility of MPA common stock |  |  | 54.2-55.1 | % |  |  | 51.30 | %
Expected average volatility of peer companies |  |  | - | % |  |  | 62.70 | %
Average correlation coefficient of peer companies |  |  | - | % |  |  | 27.50 | %
Expected dividend yield |  |  | - |  |  |  | - |
Grant date fair value |  | $ | 3.57-8.37 |  |  | $ | 16.02 |
Performance Stock Units Activity | The following is a summary of non-vested PSUs:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at March 31, 2023 |  |  | 192,696 |  |  | $ | 17.48 |
Granted |  |  | 585,583 |  |  | $ | 4.50 |
Vested |  |  | - |  |  | $ | - |
Forfeited |  |  | (1,162 | ) |  | $ | 5.91 |
Outstanding at September 30, 2023 |  |  | 777,117 |  |  | $ | 7.72 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of equity instruments other than options , including, but not limited to: (a) expected term of instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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