Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Components of Stockholders' Equity

The components of stockholders’ equity are as follows (in thousands):

	Three Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237
Issuance of common stock under    stock plans, including tax effects		25		—		336		—		—		—			—			336
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		2,397		—		—		—			—			2,397
Net income		—		—		—		8,343		—		—			—			8,343
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			139			139
Foreign currency translation		—		—		—		—		—		—			723			723
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

	Three Months Ended June 30, 2020
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2020		23,389	$	234	$	220,308	$	117,477		4,631	$	(171,889	)	$	(7,958	)	$	158,172
Issuance of common stock under    stock plans, including tax effects		12		—		6		—		—		—			—			6
Stock-based compensation expense		—		—		2,464		—		—		—			—			2,464
Net income		—		—		—		11,837		—		—			—			11,837
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			45			45
Foreign currency translation		—		—		—		—		—		—			885			885
Balance at June 30, 2020		23,401	$	234	$	222,778	$	129,314		4,631	$	(171,889	)	$	(7,028	)	$	173,409

	Six Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2020		23,648	$	236	$	230,128	$	127,981		4,631	$	(171,889	)	$	(690	)	$	185,766
Issuance of common stock under    stock plans, including tax effects		132		2		2,468		—		—		—			—			2,470
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		4,889		—		—		—			—			4,889
Net income		—		—		—		12,299		—		—			—			12,299
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			329			329
Foreign currency translation		—		—		—		—		—		—			(1,578	)		(1,578	)
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

	Six Months Ended June 30, 2020
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings			Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2019		23,275	$	233	$	216,454	$	118,147			4,631	$	(171,889	)	$	(4,857	)	$	158,088
Issuance of common stock under    stock plans, including tax effects		126		1		1,058		—			—		—			—			1,059
Stock-based compensation expense		—		—		5,266		—			—		—			—			5,266
Cumulative effect adjustment due    to adoption of new accounting    pronouncement, net of tax		—		—		—		(157	)		—		—			—			(157	)
Net income		—		—		—		11,324			—		—			—			11,324
Net change in interest rate swap,    net of tax		—		—		—		—			—		—			(1,136	)		(1,136	)
Foreign currency translation		—		—		—		—			—		—			(1,035	)		(1,035	)
Balance at June 30, 2020		23,401	$	234	$	222,778	$	129,314			4,631	$	(171,889	)	$	(7,028	)	$	173,409

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2021 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2020		642		$	38.99
Granted		28			44.00
Vested		(52	)		38.77
Forfeited		(25	)		39.32
Unvested at June 30, 2021		593		$	39.24

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 2021 is presented below (in thousands, except per share data and contractual term):

				Weighted -		Weighted -
				Average		Average
				Exercise		Remaining		Aggregate
	Number			Price Per		Contractual		Intrinsic
	of Shares			Share		Term (in years)		Value
Outstanding at December 31, 2020		292		$	35.46
Exercised		(43	)		35.78
Outstanding at June 30, 2021		249		$	35.41		2.97	$	2,583
Vested and Exercisable at June 30, 2021		249		$	35.41		2.97	$	2,583

Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations

Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Income (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of services and fulfillment	$	1,401	$	1,232	$	2,835	$	2,825
Selling and marketing		399		423		848		785
General and administrative		597		809		1,206		1,656
Total	$	2,397	$	2,464	$	4,889	$	5,266

Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Average risk-free interest rate		0.05	%		0.30	%		0.05	%		0.30	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		35	%		26	%		35	%		26	%
Weighted average fair value	$	11.50		$	8.10		$	11.50		$	8.10