Stock-Based Compensation Plans

3 Months Ended

Sep. 30, 2013

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

(11) Stock-Based Compensation

At September 30, 2013, Greene County Bancorp, Inc. had two stock-based compensation plans, which are described more fully in Note 10 of the consolidated financial statements and notes thereto for the year ended June 30, 2013.

Stock Option Plan

At September 30, 2013 and 2012, all granted shares related to the 2008 Option Plan 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 plan for the three months ended September 30, 2013 and 2012 is as follows:

	2013					2012
	Shares			Weighted Average Exercise Price Per Share		Shares			Weighted Average Exercise Price Per Share
Outstanding at beginning of year		87,400		$	12.50		103,700		$	12.50
Exercised		(10,964	)	$	12.50		(2,000	)	$	12.50
Outstanding at period end		76,436		$	12.50		101,700		$	12.50
Exercisable at period end		76,436		$	12.50		101,700		$	12.50

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

Options Outstanding and Exercisable
Range of Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$	12.50		76,436		5.00	$	12.50

The total intrinsic value of the options exercised during the three months ended September 30, 2013 and 2012, was approximately $150,000 and $12,000, respectively. There were no stock options granted during the three months ended September 30, 2013 or 2012.  All outstanding options were fully vested at September 30, 2013 or 2012.

Phantom Stock Option Plan and Long-term Incentive Plan

The Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-term Incentive Plan (the “Plan”), was adopted effective 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. The participant receives an amount 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 three months ended September 30, 2013 and 2012, phantom stock options totaling 227,330 and 243,473, respectively, were awarded under the plan.  The Company recognized $159,800 and $106,800 in compensation costs related to the phantom stock option plan during the three months ended September 30, 2013 and 2012, respectively.