XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.2
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