(11)	Stock-Based Compensation

At December 31, 2017, 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, 2017.

Stock Option Plan

At December 31, 2017 and 2016, 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, 2017 and 2016 is as follows:

	2017					2016
	Shares			Weighted Average Exercise Price Per Share		Shares			Weighted Average Exercise Price Per Share
Outstanding at beginning of year		37,770		$	6.25		64,770		$	6.25
Exercised		(4,000	)	$	6.25		(27,000	)	$	6.25
Outstanding at period end		33,770		$	6.25		37,770		$	6.25
Exercisable at period end		33,770		$	6.25		37,770		$	6.25

The intrinsic value of options both outstanding and exercisable was $890,000 at December 31, 2017 and $629,000 at December 31, 2016. The following table presents stock options outstanding and exercisable at December 31, 2017:

Options Outstanding and Exercisable
Range of Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$	6.25		33,770		0.75	$	6.25

The total intrinsic value of the options exercised during the three and six months ended December 31, 2017 was approximately $80,000 and $103,000, respectively. The total intrinsic value of the options exercised during the three and six months ended December 31, 2016 was approximately $208,000 and $339,000, respectively. There were no stock options granted during the three and six months ended December 31, 2017 or 2016. All outstanding options were fully vested at December 31, 2017 and 2016.

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 10 of the consolidated financial statements and notes thereto for the year ended June 30, 2017.

A summary of the Company’s phantom stock option activity and related information for its option plan for the six months ended December 31, 2017 and 2016 is as follows:

	2017			2016
Number of options outstanding at beginning of year		1,522,720			1,352,554
Options granted		594,200			578,200
Options forfeited		(27,000	)		-
Options paid in cash		(455,760	)		(408,034	)
Number of options outstanding at period end		1,634,160			1,522,720

	Three months ended December 31,				Six months ended December 31,
(In thousands)	2017		2016		2017		2016
Cash paid out on options vested	$	1,184	$	845	$	1,187	$	845
Compensation costs recognized		460		347		820		588

The total liability for the long-term incentive plan was $1.7 million and $2.0 million at December 31, 2017 and June 30, 2017, respectively, and is included in accrued expenses and other liabilities.