Stock-Based Compensation Plans

9 Months Ended

Mar. 31, 2013

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

(11)Stock-Based Compensation

At March 31, 2013, 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 nine months ended March 31, 2012.  At March 31, 2013 and 2012, 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 nine months ended March 31, 2013 and 2012 is as follows:

	2013		2012
		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	(9,000)	$            12.50	(22,234)	$            12.50
Outstanding at period end	94,700	$            12.50	122,600	$            12.50
Exercisable at period end	94,700	$            12.50	122,600	$            12.50

The following table presents stock options outstanding and exercisable at March 31, 2013:

Options Outstanding and Exercisable
Range of Exercise Prices	Number      Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
$12.50	94,700	5.5	$            12.50

The total intrinsic value of the options exercised during the three and nine months ended March 31, 2013 was approximately $47,000 and $66,000, respectively.  The total intrinsic value of the options exercised during the three and nine months ended March 31, 2012 was approximately $90,000 and $113,000, respectively.  There were no stock options granted during the three or nine months ended March 31, 2013 or 2012.  All outstanding options were fully vested at March 31, 2013 or 2012.

Phantom Stock Option Plan and Long-term Incentive Plan

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 nine months ended March 31, 2013 and 2012, 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 March 31, 2013 and $67,800 during the three months ended March 31, 2012.  The Company recognized $106,800 and $203,400 in compensation costs related to the phantom stock option plan during the nine months ended March 31, 2013 and 2012, respectively.