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Share-based Payments (Tables) | 12 Months Ended
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Mar. 31, 2024
Share-based Payments [Abstract] |
Black-Scholes Option Pricing Model Assumptions Used to Derive Weighted Average Fair Value of Stock Options Granted | The following summarizes the Black-Scholes option-pricing model assumptions used to derive the weighted average fair value of the stock options granted during the year ended March 31, 2024.
|  | Year Ended March 31,
|  | 2024
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 Activity | The following is a summary of stock option transactions:
|  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Exercise Price |
Outstanding at March 31, 2023 |  |  | 1,232,745 |  |  | $ | 20.20 |
Granted |  |  | 132,133 |  |  | $ | 9.32 |
Exercised |  |  | - |  |  | $ | - |
Forfeited/Cancelled |  |  | (116,328 | ) |  | $ | 19.70 |
Expired |  |  | (140,533 | ) |  | $ | 9.66 |
Outstanding at March 31, 2024 |  |  | 1,108,017 |  |  | $ | 20.29 |
Summary of Options Outstanding | The following summarizes information about the options outstanding at March 31, 2024:
|  |  | Options Outstanding |  | Options Exercisable
|  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  | Weighted |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |  |  | Weighted |  |  | Average |  |
|  |  |  |  |  | Average |  |  | Remaining |  | Aggregate |  |  |  |  | Average |  |  | Remaining |  | Aggregate
Range of |  |  |  |  |  | Exercise |  |  | Life |  | Intrinsic |  |  |  |  | Exercise |  |  | Life |  | Intrinsic
Exercise price |  |  | Shares |  |  | Price |  |  | In Years |  | Value |  | Shares |  |  | Price |  |  | In Years |  | Value
$ | 9.32 to $17.38 |  |  |  | 341,027 |  |  | $ | 12.99 |  |  |  | 7.43 |  |  |  |  | 208,894 |  |  | $ | 15.32 |  |  |  | 6.14 |  |
$ | 19.00 to $22.73 |  |  |  | 410,633 |  |  |  | 19.58 |  |  |  | 4.78 |  |  |  |  | 410,633 |  |  |  | 19.58 |  |  |  | 4.78 |  |
$ | 22.93 to $27.40 |  |  |  | 164,133 |  |  |  | 26.35 |  |  |  | 2.55 |  |  |  |  | 164,133 |  |  |  | 26.35 |  |  |  | 2.55 |  |
$ | 28.68 to $31.13 |  |  |  | 192,224 |  |  |  | 29.60 |  |  |  | 1.95 |  |  |  |  | 192,224 |  |  |  | 29.60 |  |  |  | 1.95 |  |
|  |  |  |  | 1,108,017 |  |  | $ | 20.29 |  |  |  | 4.77 | $ | - |  |  | 975,884 |  |  | $ | 21.78 |  |  |  | 4.14 | $ | -
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 |  |  | 100,624 |  |  | $ | 7.95 |
Vested |  |  | (210,485 | ) |  | $ | 15.58 |
Forfeited/Cancelled |  |  | (78,570 | ) |  | $ | 13.28 |
Outstanding at March 31, 2024 |  |  | 240,923 |  |  | $ | 12.23 |
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:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk free interest rate |  |  | 4.32-4.35 | % |  |  | 3.35 | % |  |  | 0.47 | %
Expected life in years |  |  | 0.2-1.8 |  |  |  | 3 |  |  |  | 3 |
Expected volatility of MPA common stock |  |  | 54.2-55.1 | % |  |  | 51.30 | % |  |  | 53.70 | %
Expected average volatility of peer companies |  |  | - | % |  |  | 62.70 | % |  |  | 59.30 | %
Average correlation coefficient of peer companies |  |  | - | % |  |  | 27.50 |  |  |  | 26.70 |
Expected dividend yield |  |  | - |  |  |  | - |  |  |  | - |
Grant date fair value |  | $ | 3.57-8.37 |  |  | $ | 16.02 |  |  | $ | 26.89 |
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/Cancelled |  |  | (4,356 | ) |  | $ | 5.79 |
Outstanding at March 31, 2024 |  |  | 773,923 |  |  | $ | 7.73 |

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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 option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 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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