Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

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

	Three Months Ended September 30, 2019
	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 July 1, 2019		23,089	$	231	$	210,378		$	115,956			4,631	$	(171,889	)	$	(4,990	)	$	149,686
Issuance of common stock under stock plans, net		158		1		(794	)		—			—		—			—			(793	)
Stock-based compensation expense		—		—		3,072			—			—		—			—			3,072
Net loss		—		—		—			(2,699	)		—		—			—			(2,699	)
Foreign currency translation		—		—		—			—			—		—			(1,614	)		(1,614	)
Balance at September 30, 2019		23,247	$	232	$	212,656		$	113,257			4,631	$	(171,889	)	$	(6,604	)	$	147,652

	Three Months Ended September 30, 2018
	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 July 1, 2018		22,564	$	226	$	189,554	$	125,698			4,624	$	(171,585	)	$	(3,782	)	$	140,111
Issuance of common stock under stock plans, net		329		3		5,129		—			—		—			—			5,132
Stock-based compensation expense		—		—		2,120		—			—		—			—			2,120
Repurchases of common stock		—		—		—		—			7		(304	)		—			(304	)
Dividends paid on common shares		—		—		—		(3,642	)		—		—			—			(3,642	)
Net income		—		—		—		3,950			—		—			—			3,950
Net change in marketable investments, net of tax		—		—		—		—			—		—			65			65
Foreign currency translation		—		—		—		—			—		—			(602	)		(602	)
Balance at September 30, 2018		22,893	$	229	$	196,803	$	126,006			4,631	$	(171,889	)	$	(4,319	)	$	146,830

	Nine Months Ended September 30, 2019
	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 January 1, 2019		22,951	$	230	$	200,696	$	127,717			4,631	$	(171,889	)	$	(5,154	)	$	151,600
Issuance of common stock under stock plans, net		296		2		3,355		—			—		—			—			3,357
Stock-based compensation expense		—		—		8,605		—			—		—			—			8,605
Net loss		—		—		—		(14,460	)		—		—			—			(14,460	)
Foreign currency translation		—		—		—		—			—		—			(1,450	)		(1,450	)
Balance at September 30, 2019		23,247	$	232	$	212,656	$	113,257			4,631	$	(171,889	)	$	(6,604	)	$	147,652

	Nine Months Ended September 30, 2018
	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 January 1, 2018		22,432	$	224	$	181,910	$	123,010			4,391	$	(161,943	)	$	(2,012	)	$	141,189
Issuance of common stock under stock plans, net		461		5		8,703		—			—		—			—			8,708
Cumulative effect adjustment due to adoption of new accounting pronouncements		—		—		—		3,830			—		—			(26	)		3,804
Stock-based compensation expense		—		—		6,190		—			—		—			—			6,190
Repurchases of common stock		—		—		—		—			240		(9,946	)		—			(9,946	)
Dividends paid on common shares		—		—		—		(10,839	)		—		—			—			(10,839	)
Net income		—		—		—		10,005			—		—			—			10,005
Net change in marketable investments, net of tax		—		—		—		—			—		—			12			12
Foreign currency translation		—		—		—		—			—		—			(2,293	)		(2,293	)
Balance at September 30, 2018		22,893	$	229	$	196,803	$	126,006			4,631	$	(171,889	)	$	(4,319	)	$	146,830

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended September 30, 2019 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2018		497		$	40.89
Granted		434			43.87
Vested		(186	)		39.40
Forfeited		(56	)		43.39
Unvested at September 30, 2019		689		$	42.96

Schedule of Stock Option Activity

Stock option activity for the nine months ended September 30, 2019 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, 2018		583		$	35.27
Granted		—			—
Exercised		(105	)		34.07
Forfeited		(20	)		35.38
Outstanding at September 30, 2019		458		$	35.54		4.32	$	33,163
Exercisable at September 30, 2019		443		$	35.55		4.24	$	31,430
Vested and expected to vest at September 30, 2019		458		$	35.54		4.32	$	33,163

Summary of Stock-Based Compensation Recorded in Expense Categories

Stock-based compensation was recorded in the following expense categories (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Cost of services and fulfillment	$	1,782	$	1,001	$	4,812	$	3,128
Selling and marketing		441		261		1,366		752
General and administrative		849		858		2,427		2,311
Total	$	3,072	$	2,120	$	8,605	$	6,191

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						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Average risk-free interest rate		1.89	%		2.34	%		1.89	%		1.80	%
Expected dividend yield		0.0	%		1.6	%		0.0	%		1.9	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		30	%		25	%		30	%		22	%
Weighted average fair value	$	8.29		$	10.87		$	8.29		$	8.72