Stock-Based Compensation

3 Months Ended

Sep. 30, 2016

Stock-Based Compensation [Abstract]

Stock-Based Compensation

(11) Stock-Based Compensation

At September 30, 2016, 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, 2016.  All share and per share data has been restated in all periods presented to reflect the 2-for-1 stock split, which was paid on March 15, 2016, as if the new share options had been granted at the same time as the original share options.

Stock Option Plan

At September 30, 2016 and 2015, 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, 2016 and 2015 is as follows:

	2016					2015
	Shares			Weighted Average Exercise Price Per Share		Shares			Weighted Average Exercise Price Per Share
Outstanding at beginning of year		64,770		$	6.25		95,670		$	6.25
Exercised		(12,000	)	$	6.25		(4,200	)	$	6.25
Outstanding at period end		52,770		$	6.25		91,470		$	6.25
Exercisable at period end		52,770		$	6.25		91,470		$	6.25

The following table presents stock options outstanding and exercisable at September 30, 2016:

Options Outstanding and Exercisable
Range of Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$	6.25		52,770		2.00	$	6.25

The total intrinsic value of the options exercised during the three months ended September 30, 2016 and 2015, was approximately $206,000 and $33,000, respectively. There were no stock options granted during the three months ended September 30, 2016 or 2015.

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 phantom stock option represents the right to receive a cash payment on the date the award vests. The Plan is more fully described in Note 9 of the consolidated financial statements and notes thereto for the year ended June 30, 2016.

A summary of the Company’s phantom stock option activity and related information for its option plan for the three months ended September 30, 2016 and 2015 is as follows:

	2016		2015
Number of options outstanding at beginning of year		1,353,554		1,257,508
Options granted		578,200		493,760
Options paid in cash upon vesting		-		(396,714	)
Number of options outstanding at period end		1,931,754		1,354,554

At September 30, 2016, there were 408,034 options that were vested totaling $845,200, which will be paid out in cash during the three months ended December 31, 2016. The Company paid out $710,500 in cash during the three months ended September 30, 2015 on options vested. The Company recognized $241,000and $180,000 in compensation costs related to the phantom stock option plan during the three months ended September 30, 2016 and 2015, respectively.  The total liability for the long-term incentive plan was $1.7 million and $1.4 million as of September 30, 2016 and June 30, 2016, respectively.