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Share-based Payments (Tables)
 9 Months Ended
Dec. 31, 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:
 
  
Nine Months Ended
  
 
  
December 31,
 
 
  
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
    
(111,262
)
  
$
19.64
  
Expired
     (140,533 )   $ 9.66  
Outstanding at December 31, 2023
    
1,113,083
    
$
20.30
  
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
    
(77,626
)
  
$
13.25
  
Outstanding at December 31, 2023
    
241,867
    
$
12.25
  
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:


 
Nine Months Ended
December 31,
  
 
  
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
    
(2,614
)
  
$
6.09
  
Outstanding at December 31, 2023
    
775,665
    
$
7.72