XML 50 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Share-based Payments (Tables)
 6 Months Ended
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