Stock-Based Compensation Plans

6 Months Ended

Dec. 31, 2012

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

(11)Stock-Based Compensation

At December 31, 2012, Greene County Bancorp, Inc. had two stock-based compensation plans, which are described more fully in Note 9 of the consolidated financial statements and notes thereto for the year ended June 30, 2012.

The Company recognized $19,000 in compensation costs and related income tax benefit of $2,000 related to the 2008 Option Plan for the six months ended December 31, 2011. At December 31, 2012 and 2011, all granted shares were fully vested, with no remaining compensation cost to be recognized.

A summary of the Company's stock option activity and related information for its option plans for the six months ended December 31, 2012 and 2011 is as follows:

	2012		2011
		Weighted Average		Weighted Average
		Exercise		Exercise
		Price		Price
	Shares	Per Share	Shares	Per Share
Outstanding at beginning of year	103,700	$12.50	144,834	$12.50
Exercised	(3,000)	12.50	(4,400)	12.50
Outstanding at period end	100,700	$12.50	140,434	$12.50
Exercisable at period end	100,700	$12.50	140,434	$12.50

The following table presents stock options outstanding and exercisable at December 31, 2012:

Options Outstanding and Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
$12.50	100,700	5.75	$12.50

The total intrinsic value of the options exercised during the three and six months ended December 31, 2012 was approximately $7,000 and $19,000, respectively. The total intrinsic value of the options exercised during the three and six months ended December 31, 2011 was approximately $23,000. There were no stock options granted during the three or six months ended December 31, 2012 or 2011. All outstanding options were fully vested at December 31, 2012 or 2011.

Phantom Stock Option Plan and Long-term Incentive Plan

On July 12, 2011, Greene County Bancorp, Inc. (the "Company") entered into the Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-term Incentive Plan (the "Plan"), effective as of July 1, 2011, to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company's shareholders.  The Plan is intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company ("Committee").   A total of 900,000 phantom stock options will be available for awards under the Plan.  A phantom stock option represents the right to receive a cash payment on the date the award vests in the participant equal to the positive difference between the strike price on the grant date and the book value of a share of the Company stock on the determination date, which is the last day of the plan year that is the end of the third plan year after the grant date of the award, unless otherwise specified by the Committee.  The strike price will be the price established by the Committee, which will not be less than 100% of the book value of a share on a specified date, as determined under generally accepted accounting principles (GAAP) as of the last day of the quarter ending on or immediately preceding the valuation date with adjustments made, in the sole discretion of the Committee, to exclude accumulated other comprehensive income.  During the six months ended December 31, 2012 and 2011, phantom stock options totaling 243,473 and 235,350, respectively, were awarded under the plan. The Company recognized no compensation costs related to the phantom stock option plan during the three months ended December 31, 2012 and $67,800 during the three months ended December 31, 2011. The Company recognized $106,800 and $135,600 in compensation costs related to the phantom stock option plan during the six months ended December 31, 2012 and 2011, respectively.