Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

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

	Common Stock									Treasury Stock					Accumulated
	Number		$0.01		Additional					Number					Other
	of		Par		Paid-in		Retained			of					Comprehensive			Total
	Shares		Value		Capital		Earnings			Shares		Cost			Income (Loss)			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		138		1		4,149		—			—		—			—			4,150
Stock-based compensation expense		—		—		5,533		—			—		—			—			5,533
Net loss		—		—		—		(11,761	)		—		—			—			(11,761	)
Foreign currency translation		—		—		—		—			—		—			164			164
Balance at June 30, 2019		23,089	$	231	$	210,378	$	115,956			4,631	$	(171,889	)	$	(4,990	)	$	149,686

	Common Stock									Treasury Stock					Accumulated
	Number		$0.01		Additional					Number					Other
	of		Par		Paid-in		Retained			of					Comprehensive			Total
	Shares		Value		Capital		Earnings			Shares		Cost			Income (Loss)			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		132		2		3,573		—			—		—			—			3,575
Cumulative effect adjustment due to adoption of new accounting pronouncements		—		—		—		3,829			—		—			(26	)		3,803
Stock-based compensation expense		—		—		4,071		—			—		—			—			4,071
Repurchases of common stock		—		—		—		—			233		(9,642	)		—			(9,642	)
Dividends paid on common shares		—		—		—		(7,196	)		—		—			—			(7,196	)
Net income		—		—		—		6,055			—		—			—			6,055
Net change in marketable investments, net of tax		—		—		—		—			—		—			(53	)		(53	)
Foreign currency translation		—		—		—		—			—		—			(1,691	)		(1,691	)
Balance at June 30, 2018		22,564	$	226	$	189,554	$	125,698			4,624	$	(171,585	)	$	(3,782	)	$	140,111

	Common Stock								Treasury Stock					Accumulated
	Number		$0.01		Additional				Number					Other
	of		Par		Paid-in		Retained		of					Comprehensive			Total
	Shares		Value		Capital		Earnings		Shares		Cost			Income (Loss)			Equity
Balance at April 1, 2019		23,050	$	231	$	206,655	$	114,401		4,631	$	(171,889	)	$	(5,584	)	$	143,814
Issuance of common stock under stock plans, net		39		—		875		—		—		—			—			875
Stock-based compensation expense		—		—		2,848		—		—		—			—			2,848
Net income		—		—		—		1,555		—		—			—			1,555
Foreign currency translation		—		—		—		—		—		—			594			594
Balance at June 30, 2019		23,089	$	231	$	210,378	$	115,956		4,631	$	(171,889	)	$	(4,990	)	$	149,686

	Common Stock									Treasury Stock					Accumulated
	Number		$0.01		Additional					Number					Other
	of		Par		Paid-in		Retained			of					Comprehensive			Total
	Shares		Value		Capital		Earnings			Shares		Cost			Income (Loss)			Equity
Balance at April 1, 2018		22,514	$	225	$	186,335	$	121,495			4,497	$	(166,310	)	$	(450	)	$	141,295
Issuance of common stock under stock plans, net		50		1		1,111		—			—		—			—			1,112
Stock-based compensation expense		—		—		2,108		—			—		—			—			2,108
Repurchases of common stock		—		—		—		—			127		(5,275	)		—			(5,275	)
Dividends paid on common shares		—		—		—		(3,585	)		—		—			—			(3,585	)
Net income		—		—		—		7,788			—		—			—			7,788
Net change in marketable investments, net of tax		—		—		—		—			—		—			62			62
Foreign currency translation		—		—		—		—			—		—			(3,394	)		(3,394	)
Balance at June 30, 2018		22,564	$	226	$	189,554	$	125,698			4,624	$	(171,585	)	$	(3,782	)	$	140,111

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 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		190			45.14
Vested		(22	)		38.89
Forfeited		(39	)		43.10
Unvested at June 30, 2019		626		$	42.11

Schedule of Stock Option Activity

Stock option activity for the six months ended June 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		(95	)		34.31
Forfeited		(18	)		35.46
Outstanding at June 30, 2019		470		$	35.46		4.62	$	5,433
Exercisable at June 30, 2019		404		$	35.67		4.34	$	4,589
Vested and expected to vest at June 30, 2019		470		$	35.46		4.62	$	5,433

Summary of Stock-Based Compensation Recorded in Expense Categories

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Cost of services and fulfillment	$	1,567	$	1,108	$	3,030	$	2,127
Selling and marketing		485		246		925		491
General and administrative		796		754		1,578		1,453
Total	$	2,848	$	2,108	$	5,533	$	4,071

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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Average risk-free interest rate		2.51	%		1.92	%		2.51	%		1.62	%
Expected dividend yield		0.0	%		2.0	%		0.0	%		2.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		34	%		22	%		34	%		22	%
Weighted average fair value	$	12.50		$	8.49		$	12.50		$	8.50