Stock-Based Compensation Plans

12 Months Ended

Jun. 30, 2013

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

Note 10.  Stock-Based Compensation

Stock Option Plan

On July 29, 2008, shareholders approved the Greene County Bancorp, Inc. 2008 stock-based compensation plan (the “2008 Option Plan”) which allows the Company to issue up to 180,000 options and stock appreciation rights.  On August 19, 2008, the Board of Directors granted 164,500 options and stock appreciation rights (in tandem) to buy stock under the 2008 Option Plan at an exercise price of $12.50, the fair value of the stock on that date.  These options have a 10-year term and vested over athreeyear period upon meeting specific earnings performance goals.

The Company recognized $19,000 in compensation costs and related income tax benefit of $6,000 related to the 2008 Option Plan for the year ended June 30, 2012.  At June 30, 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 years ended June 30, 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	(16,300)	$            12.50	(41,134)	$            12.50
Outstanding at period end	87,400	$            12.50	103,700	$            12.50
Exercisable at period end	87,400	$            12.50	103,700	$            12.50

The following table presents stock options outstanding and exercisable at June 30, 2013:

Options Outstanding and Exercisable
Range of Exercise Prices	Number  Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
$12.50	87,400	5.25	$            12.50

The total intrinsic value of the options exercised during the year ended June 30, 2013 was approximately $126,000.  The total intrinsic value of the options exercised during the year ended June 30, 2012 was approximately $244,000.  There were no stock options granted during the years ended June 30, 2013 or 2012.  All outstanding options were fully vested at June 30, 2013 and 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 (loss).  During the years ended June 30, 2013 and 2012, phantom stock options totaling 243,473 and 235,350, respectively, were awarded under the plan.  The Company recognized $147,300 and $265,000 in compensation costs related to the phantom stock option plan during the years ended June 30, 2013 and 2012, respectively.