XML 68 R53.htm IDEA: XBRL DOCUMENT v3.25.1
Share-based Payments (Tables)
12 Months Ended
Mar. 31, 2025
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, 2024
   1,108,017   $ 20.29 
Forfeited/Cancelled
   (17,723  $ 20.13 
Expired
   (36,733  $ 22.93 
Outstanding at March 31, 2025
   1,053,561   $ 20.20 
Summary of Options Outstanding
The following summarizes information about the options outstanding at March 31, 2025:
 
                            
    Options Outstanding   Options Exercisable
Range of
Exercise price
    Shares     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Life
In Years
    Aggregate
Intrinsic
Value
      Shares     Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Life
In Years
    Aggregate
Intrinsic
Value
 
$9.32 to $17.38
   334,524  $12.97     6.45  $24,000     247,236  $14.26   5.73  $8,000 
$19.00 to $22.73
   404,213   19.58     3.78         404,213   19.58   3.78     
$25.21 to $27.40
   125,800   27.33     2.22         125,800   27.33   2.22     
$28.68 to $31.13
   189,024   29.59     0.95         189,024   29.59   0.95     
     1,053,561  $20.20     3.93  $24,000     966,273  $21.19   3.52  $8,000 
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
    453,453    $ 6.58 
Vested
   (184,850  $ 12.02 
Forfeited/Cancelled
   (4,153  $ 8.81 
Outstanding at March 31, 2025
   505,373   $ 7.26 
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,
      2025       2024       2023  
Risk free interest rate
    4.21-4.45 %     4.32-4.35 %    3.35 %
Expected life in years
   3      0.2-1.8      3  
Expected volatility of MPA common stock
    59.8-62.8 %     54.2-55.1 %    51.30 %
Expected average volatility of peer companies
   -      -        62.70 %
Average correlation coefficient of peer companies
    16.5-17.4 %     -        27.50  
Expected dividend yield
    -         -         -    
Grant date fair value
  $ 8.65-8.88     $ 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, 2024
   773,923   $ 7.73 
Granted (1)
   269,935   $ 8.74 
Vested
   (225,862  $ 7.07 
Forfeited/Cancelled
   (53,609  $ 22.80 
Outstanding at March 31, 2025
   764,387   $ 7.42 
 
(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 excding target performance levels.