(11)	Stock-Based Compensation

At December 31, 2014, 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, 2014.

Stock Option Plan

At December 31, 2014 and 2013, 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 six months ended December 31, 2014 and 2013 is as follows:

	2014					2013
	Shares			Weighted Average Exercise Price Per Share		Shares			Weighted Average Exercise Price Per Share
Outstanding at beginning of year		59,435		$	12.50		87,400		$	12.50
Exercised		(5,100	)	$	12.50		(22,779	)	$	12.50
Outstanding at period end		54,335		$	12.50		64,621		$	12.50

Exercisable at period end		54,335		$	12.50		64,621		$	12.50

The following table presents stock options outstanding and exercisable at December 31, 2014:

Options Outstanding and Exercisable
Range of Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
	$12.50		54,335		3.75		$12.50

The total intrinsic value of the options exercised during the six and three months ended December 31, 2014 was approximately $77,000 and $33,000, respectively. The total intrinsic value of the options exercised during the six and three months ended December 31, 2013 was approximately $307,000 and $157,000, respectively. There were no stock options granted during the six months ended December 31, 2014 or 2013. All outstanding options were fully vested at December 31, 2014 or 2013.

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. Effective July 1, 2014, the Plan was amended to increase the number of phantom stock options available for awards from 900,000 to 1,800,000. 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 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).

A summary of the Company’s phantom stock option activity and related information for its option plan for the six months ended December 31, 2014 and 2013 is as follows:

	2014			2013
Number of options outstanding at beginning of year		665,426			462,464
Options granted		241,090			227,330
Options paid in cash upon vesting		(227,484	)		(17,528	)
Number of options outstanding at period end		679,032			672,266

The Company paid out $757,700 and $26,900 in cash during the six months ended December 31, 2014 and 2013, respectively on options vested. There were no option payments made during the three months ended December 31, 2014 and 2013 on options vested. The Company recognized $380,000 and $339,800 in compensation costs related to the Plan during the six months ended December 31, 2014 and 2013, respectively. The Company recognized $210,000 and $180,000 in compensation costs related to the Plan during the three months ended December 31, 2014 and 2013, respectively. The total liability for the long-term incentive plan was $777,900 and $1.2 million as of December 31, 2014 and June 30, 2014, respectively.