Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Components of Stockholders' Equity

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

	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

	Three Months Ended March 31, 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		107		2		2,132		—		—		—			—			2,134
Stock-based compensation expense		—		—		2,492		—		—		—			—			2,492
Net income		—		—		—		3,956		—		—			—			3,956
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			190			190
Foreign currency translation		—		—		—		—		—		—			(2,301	)		(2,301	)
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended March 31, 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		266			50.33
Vested		(13	)		42.08
Forfeited		(9	)		43.74
Unvested at March 31, 2022		878		$	44.83

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 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		(8	)		34.06
Forfeited		(2	)		36.65
Outstanding at March 31, 2022		104		$	35.61		2.57	$	2,168
Vested and Exercisable at March 31, 2022		104		$	35.61		2.57	$	2,168

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
	March 31,
	2022		2021
Cost of services and fulfillment	$	1,926	$	1,435
Selling and marketing		633		449
General and administrative		735		608
Total	$	3,294	$	2,492

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
	March 31,
	2022			2021
Average risk-free interest rate		0.86	%		0.05	%
Expected dividend yield		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years
Expected volatility		24	%		35	%
Weighted average fair value	$	11.02		$	11.50