Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Components of Stockholders' Equity

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

	Three Months Ended June 30, 2022
	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, 2022		24,143	$	241	$	251,001	$	156,973		5,202	$	(201,414	)	$	(4,371	)	$	202,430
Issuance of common stock under    stock plans, including tax effects		16		1		99		—		—		—			—			100
Repurchases of common stock		—		—		—		—		103		(5,653	)		—			(5,653	)
Stock-based compensation expense		—		—		3,837		—		—		—			—			3,837
Net income		—		—		—		13,874		—		—			—			13,874
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			68			68
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(29	)		(29	)
Foreign currency translation		—		—		—		—		—		—			(4,528	)		(4,528	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	Three 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 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

	Six Months Ended June 30, 2022
	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, 2021		24,085	$	241	$	245,985	$	152,825		5,027	$	(191,955	)	$	(3,189	)	$	203,907
Issuance of common stock under    stock plans, including tax effects		74		1		1,821		—		—		—			—			1,822
Repurchases of common stock		—		—		—		—		278		(15,112	)		—			(15,112	)
Stock-based compensation expense		—		—		7,131		—		—		—			—			7,131
Net income		—		—		—		18,022		—		—			—			18,022
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			264			264
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(93	)		(93	)
Foreign currency translation		—		—		—		—		—		—			(5,842	)		(5,842	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	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

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2021		634		$	42.45
Granted		319			50.96
Vested		(25	)		39.72
Forfeited		(26	)		44.31
Unvested at June 30, 2022		902		$	45.48

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 2022 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, 2021		114		$	35.52
Exercised		(12	)		34.66
Forfeited		(2	)		36.65
Outstanding at June 30, 2022		100		$	35.60		2.38	$	1,222
Vested and Exercisable at June 30, 2022		100		$	35.60		2.38	$	1,222

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

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,
	2022		2021		2022		2021
Cost of services and fulfillment	$	2,203	$	1,401	$	4,129	$	2,835
Selling and marketing		752		399		1,385		848
General and administrative		882		597		1,617		1,206
Total	$	3,837	$	2,397	$	7,131	$	4,889

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,
	2022			2021			2022			2021
Average risk-free interest rate		0.86	%		0.05	%		0.86	%		0.05	%
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		24	%		35	%		24	%		35	%
Weighted average fair value	$	11.02		$	11.50		$	11.02		$	11.50