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Share-based Payments (Tables)

6 Months Ended

Sep. 30, 2024

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, 2024			1,108,017			$	20.29
Granted			-			$	-
Exercised			-			$	-
Forfeited/Cancelled			(11,166	)		$	19.43
Expired			(36,733	)		$	22.93
Outstanding at September 30, 2024			1,060,118			$	20.21

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, 2024			240,923			$	12.23
Granted			316,040			$	6.40
Vested			(109,382	)		$	14.83
Forfeited/Cancelled			(4,069	)		$	8.72
Outstanding at September 30, 2024			443,512			$	7.47

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 these awards subject to market conditions:

		Six Months Ended September 30,
		2024				2023
Risk free interest rate			4.45	%			4.32-4.35	%
Expected life in years			3.0				0.2-1.8
Expected volatility of the Company’s common stock			59.80	%			54.2-55.1	%
Average correlation coefficient of peer companies			16.50	%			-	%
Expected dividend yield			-				-
Grant date fair value		$	8.65			$	3.57-8.37

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, 2024			773,923			$	7.73
Granted (1)			166,343			$	8.65
Vested			(32,848	)		$	22.27
Forfeited/Cancelled			(53,299	)		$	22.89
Outstanding at September 30, 2024			854,119			$	6.58

(1) Granted includes 10,952 additional PSUs issued in connection with the vesting of the Company’s June 2021 PSU grant based on actual Company performance metrics exceeding target performance levels.

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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.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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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.

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