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Stock-Based Compensation | 6 Months Ended
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Dec. 31, 2022
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | (11) Stock-Based Compensation 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 for the year ended June 30, 2022. 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, 2022 and 2021 were as follows:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Number of options outstanding, beginning of period |  |  | 1,786,120 |  |  |  | 1,982,720 |  |  |  | 1,479,520 |  |  |  | 1,507,600 |
Options Granted |  |  | - |  |  |  | - |  |  |  | 403,600 |  |  |  | 475,120 |
Options Paid in Cash |  |  | (478,700 | ) |  |  | (476,200 | ) |  |  | (575,700 | ) |  |  | (476,200 | )
Number of options outstanding, end of period |  |  | 1,307,420 |  |  |  | 1,506,520 |  |  |  | 1,307,420 |  |  |  | 1,506,520 |
|  | Three months ended December 31, |  |  | Six months ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cash paid out on options vested |  | $ | 3,594 |  |  | $ | 3,054 |  |  | $ | 4,104 |  |  | $ | 3,054 |
Compensation costs recognized |  | $ | 1,026 |  |  | $ | 1,067 |  |  | $ | 1,994 |  |  | $ | 1,877 |
The total liability for the Plan was $4.0 million and $6.1 million at December 31, 2022 and June 30, 2022, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition.

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