XML 42 R32.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Components of Stockholders' Equity

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

 

Three Months Ended September 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
Stockholders'
Equity

 

Balance at June 30, 2022

 

24,159

 

 

$

242

 

 

$

254,937

 

 

$

170,847

 

 

 

5,305

 

 

$

(207,067

)

 

$

(8,860

)

 

$

210,099

 

Issuance of common stock under
   stock plans, including tax effects

 

193

 

 

 

2

 

 

 

(501

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(499

)

Stock-based compensation expense

 

 

 

 

 

 

 

3,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,905

 

Net income

 

 

 

 

 

 

 

 

 

 

5,414

 

 

 

 

 

 

 

 

 

 

 

 

5,414

 

Net change in interest rate swap,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

Net change in marketable investments,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(54

)

 

 

(54

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,971

)

 

 

(4,971

)

Balance at September 30, 2022

 

24,352

 

 

$

244

 

 

$

258,341

 

 

$

176,261

 

 

 

5,305

 

 

$

(207,067

)

 

$

(13,890

)

 

$

213,889

 

 

 

Three Months Ended September 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 June 30, 2021

 

23,780

 

 

$

238

 

 

$

237,485

 

 

$

140,280

 

 

 

4,694

 

 

$

(174,562

)

 

$

(1,939

)

 

$

201,502

 

Issuance of common stock under
   stock plans, including tax effects

 

262

 

 

 

2

 

 

 

2,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,023

 

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

170

 

 

 

(7,973

)

 

 

 

 

 

(7,973

)

Stock-based compensation expense

 

 

 

 

 

 

 

2,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,462

 

Net income

 

 

 

 

 

 

 

 

 

 

4,522

 

 

 

 

 

 

 

 

 

 

 

 

4,522

 

Net change in interest rate swap,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

128

 

 

 

128

 

Net change in marketable investments,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,508

)

 

 

(1,508

)

Balance at September 30, 2021

 

24,042

 

 

$

240

 

 

$

241,968

 

 

$

144,802

 

 

 

4,864

 

 

$

(182,535

)

 

$

(3,323

)

 

$

201,152

 

 

 

Nine Months Ended September 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

 

267

 

 

 

3

 

 

 

1,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,323

 

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

278

 

 

 

(15,112

)

 

 

 

 

 

(15,112

)

Stock-based compensation expense

 

 

 

 

 

 

 

11,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,036

 

Net income

 

 

 

 

 

 

 

 

 

 

23,436

 

 

 

 

 

 

 

 

 

 

 

 

23,436

 

Net change in interest rate swap,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259

 

 

 

259

 

Net change in marketable investments,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(147

)

 

 

(147

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,813

)

 

 

(10,813

)

Balance at September 30, 2022

 

24,352

 

 

$

244

 

 

$

258,341

 

 

$

176,261

 

 

 

5,305

 

 

$

(207,067

)

 

$

(13,890

)

 

$

213,889

 

 

 

Nine Months Ended September 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

 

394

 

 

 

4

 

 

 

4,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,493

 

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

233

 

 

 

(10,646

)

 

 

 

 

 

(10,646

)

Stock-based compensation expense

 

 

 

 

 

 

 

7,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,351

 

Net income

 

 

 

 

 

 

 

 

 

 

16,821

 

 

 

 

 

 

 

 

 

 

 

 

16,821

 

Net change in interest rate swap,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

457

 

 

 

457

 

Net change in marketable investments,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,086

)

 

 

(3,086

)

Balance at September 30, 2021

 

24,042

 

 

$

240

 

 

$

241,968

 

 

$

144,802

 

 

 

4,864

 

 

$

(182,535

)

 

$

(3,323

)

 

$

201,152

 

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended September 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

 

 

348

 

 

 

50.58

 

Vested

 

 

(213

)

 

 

41.77

 

Forfeited

 

 

(70

)

 

 

44.94

 

Unvested at September 30, 2022

 

 

699

 

 

$

46.45

 

Schedule of Stock Option Activity

Stock option activity for the nine months ended September 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

 

 

(21

)

 

 

35.29

 

 

 

 

 

 

 

Forfeited

 

 

(3

)

 

 

34.91

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

90

 

 

$

35.59

 

 

 

2.28

 

 

$

126

 

Vested and Exercisable at September 30, 2022

 

 

90

 

 

$

35.59

 

 

 

2.28

 

 

$

126

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of services and fulfillment

 

$

2,268

 

 

$

1,554

 

 

$

6,397

 

 

$

4,389

 

Selling and marketing

 

 

743

 

 

 

372

 

 

 

2,128

 

 

 

1,220

 

General and administrative

 

 

894

 

 

 

536

 

 

 

2,511

 

 

 

1,742

 

Total

 

$

3,905

 

 

$

2,462

 

 

$

11,036

 

 

$

7,351

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Average risk-free interest rate

 

 

3.71

%

 

 

0.05

%

 

 

3.71

%

 

 

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

 

 

33

%

 

 

30

%

 

 

33

%

 

 

30

%

Weighted average fair value

 

$

10.22

 

 

$

11.20

 

 

$

10.22

 

 

$

11.20