Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Components of Stockholders' Equity

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

	Three Months Ended March 31, 2023
	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 Stockholders' Equity
Balance at December 31, 2022		24,367	$	244	$	261,766	$	174,631			5,305	$	(207,067	)	$	(7,918	)	$	221,656
Issuance of common stock under    stock plans, including tax effects		128		1		760		—			—		—			—			761
Stock-based compensation expense		—		—		3,165		—			—		—			—			3,165
Net loss		—		—		—		(4,075	)		—		—			—			(4,075	)
Net change in marketable investments,    net of tax		—		—		—		—			—		—			33			33
Foreign currency translation		—		—		—		—			—		—			1,206			1,206
Balance at March 31, 2023		24,495	$	245	$	265,691	$	170,556			5,305	$	(207,067	)	$	(6,679	)	$	222,746

	Three Months Ended March 31, 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		58		—		1,722		—		—		—			—			1,722
Repurchases of common stock		—		—		—		—		175		(9,459	)		—			(9,459	)
Stock-based compensation expense		—		—		3,294		—		—		—			—			3,294
Net income		—		—		—		4,148		—		—			—			4,148
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			196			196
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(64	)		(64	)
Foreign currency translation		—		—		—		—		—		—			(1,314	)		(1,314	)
Balance at March 31, 2022		24,143	$	241	$	251,001	$	156,973		5,202	$	(201,414	)	$	(4,371	)	$	202,430

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended March 31, 2023 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2022		682		$	46.28
Granted		258			35.38
Vested		(95	)		51.44
Forfeited		(43	)		44.94
Unvested at March 31, 2023		802		$	42.24

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 2023 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, 2022		89		$	35.58
Granted		144			33.04
Exercised		(2	)		34.37
Forfeited		(1	)		28.04
Outstanding at March 31, 2023		230		$	34.01		6.90	$	5
Exercisable at March 31, 2023		86		$	35.64		1.86	$	5
Vested and expected to vest at March 31, 2023		230		$	34.01		6.90	$	5

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 Operations (in thousands):

	Three Months Ended
	March 31,
	2023		2022
Cost of services and fulfillment	$	1,847	$	1,926
Selling and marketing		497		633
General and administrative		821		735
Total	$	3,165	$	3,294

Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

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

	Three Months Ended
	March 31,
	2023						2022
	Equity Incentive Plans			Employee Stock Purchase Plan			Employee Stock Purchase Plan
Average risk-free interest rate		4.27	%		5.00	%		0.86	%
Expected dividend yield		0.0	%		0.0	%		0.0	%
Expected life	4.75 Years			0.5 Years			0.5 Years
Expected volatility		43	%		46	%		24	%
Weighted average fair value	$	14.24		$	9.47		$	11.02