(11)	Stock-Based Compensation

Stock Option Plan

The Company’s 2008 Option Plan expired on August 19, 2018. All options were exercised prior to June 30, 2018. A summary of the Company’s stock option activity and related information for this option plan for the six months ended December 31, 2017 was as follows:

	December 31, 2017
	Shares			Weighted Average Exercise Price Per Share
Outstanding at beginning of year		37,770		$	6.25
Exercised		(4,000	)	$	6.25
Outstanding and exercisable at period end		33,770		$	6.25

The intrinsic value of options both outstanding and exercisable was $890,000 at December 31, 2017. 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. There were no stock options granted during the six months ended December 31, 2017.

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, 2018.

A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2018 and 2017 is as follows:

	Three months ended December 31,					Six months ended December 31,
	2018		2017			2018			2017
Number of options outstanding, beginning of fiscal year		1,742,100		2,113,920			1,634,160			1,522,720
Options Granted		-		-			592,700			594,200
Options Forfeited		-		(27,000	)		-			(27,000	)
Options Paid in Cash		-		(452,760	)		(484,760	)		(455,760	)
Number of options outstanding, end of period		1,742,100		1,634,160			1,742,100			1,634,160

	Three months ended December 31,				Six months ended December 31,
(In thousands)	2018		2017		2018		2017
Cash paid out on options vested	$	-	$	1,184	$	1,704	$	1,187
Compensation costs recognized		695		460		1,211		820

The total liability for the Plan was $2.5 million and $3.0 million at December 31, 2018 and June 30, 2018, respectively, and is included in accrued expenses and other liabilities.