Note 8 — Stockholders’ Equity

Equity Plans

Restricted stock unit activity for the three months ended March 31, 2018 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2017		509		$	37.59
Granted		12			39.14
Vested		(9	)		37.39
Forfeited		(17	)		37.62
Unvested at March 31, 2018		495		$	37.63

Stock option activity for the three months ended March 31, 2018 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, 2017		937		$	35.10
Granted		—			—
Exercised		(50	)		33.31
Forfeited		(12	)		35.02
Outstanding at March 31, 2018		875		$	35.21		5.75	$	5,465
Exercisable at March 31, 2018		625		$	35.17		5.16	$	3,924
Vested and expected to vest at March 31, 2018		875		$	35.21		5.75	$	5,465

Stock-Based Compensation

Forrester recognizes the fair value of stock-based compensation in net income (loss) 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 (in thousands):

	Three Months Ended
	March 31,
	2018		2017
Cost of services and fulfillment	$	1,020	$	1,197
Selling and marketing		244		162
General and administrative		699		690
Total	$	1,963	$	2,049

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
	March 31,
	2018			2017
Average risk-free interest rate		1.92	%		0.88	%
Expected dividend yield		2.0	%		1.9	%
Expected life	0.5 Years			0.5 Years
Expected volatility		22	%		28	%
Weighted average fair value	$	8.49		$	8.49

Dividends

In the three months ended March 31, 2018, the Company declared and paid a dividend $0.20 per share or $3.6 million in the aggregate. In the three months ended March 31, 2017, the Company declared and paid a dividend 0.19 or $3.5 million in the aggregate. In April 2018, the Company declared a dividend of $0.20 per share payable on June 27, 2018 to shareholders of record as of June 13, 2018.

Treasury Stock

As of March 31, 2018, Forrester’s Board of Directors had authorized an aggregate $535.0 million to purchase common stock under its stock repurchase program including $50.0 million authorized in February 2018. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. In the three months ended March 31, 2018, the Company repurchased approximately 0.1 million shares of common stock at an aggregate cost of approximately $4.4 million. In the three months ended March 31, 2017, the Company repurchased approximately 0.6 million shares of common stock at an aggregate cost of approximately $21.5 million. From the inception of the program through March 31, 2018, the Company repurchased 16.2 million shares of common stock at an aggregate cost of $469.3 million.