Note 9 — Stockholders’ Equity

Equity Plans

Restricted stock unit activity for the six months ended June 30, 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		34			40.66
Vested		(25	)		36.56
Forfeited		(23	)		37.07
Unvested at June 30, 2018		495		$	37.88

Stock option activity for the six months ended June 30, 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		(82	)		33.66
Forfeited		(11	)		35.02
Outstanding at June 30, 2018		844		$	35.24		5.55	$	5,658
Exercisable at June 30, 2018		605		$	35.24		4.99	$	4,055
Vested and expected to vest at June 30, 2018		844		$	35.24		5.55	$	5,658

In May 2018, stockholders of the Company approved an amendment to the Company’s Amended and Restated Employee Stock Purchase Plan, which provided for an additional 400,000 shares of Common Stock, par value $0.01 per share, to be granted under the plan.

Stock-Based Compensation

Forrester recognizes the fair value of stock-based compensation in net income 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				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Cost of services and fulfillment	$	1,108	$	1,103	$	2,127	$	2,299
Selling and marketing		246		202		491		364
General and administrative		754		891		1,453		1,582
Total	$	2,108	$	2,196	$	4,071	$	4,245

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,
	2018			2017			2018			2017
Average risk-free interest rate		1.92	%		0.88	%		1.62	%		0.74	%
Expected dividend yield		2.0	%		1.9	%		2.0	%		1.9	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		22	%		28	%		22	%		26	%
Weighted average fair value	$	8.49		$	8.49		$	8.50		$	8.21

Dividends

In the six months ended June 30, 2018, the Company declared and paid dividends of $7.2 million consisting of a $0.20 per share dividend in each of the first two quarters of 2018. In the six months ended June 30, 2017, the Company declared and paid dividends of $6.8 million consisting of a $0.19 per share dividend in each of the first two quarters of 2017. In July 2018, the Company declared a dividend of $0.20 per share payable on September 26, 2018 to shareholders of record as of September 12, 2018.

Treasury Stock

As of June 30, 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 and six months ended June 30, 2018, the Company repurchased approximately 0.1 and 0.2 million shares, respectively, of common stock at an aggregate cost of approximately $5.3 and $9.6 million, respectively. In the three and six months ended June 30, 2017, the Company repurchased approximately 0.4 and 1.0 million shares, respectively, of common stock at an aggregate cost of approximately $15.0 and $36.5 million, respectively. From the inception of the program through June 30, 2018, the Company repurchased 16.3 million shares of common stock at an aggregate cost of $474.6 million.