Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2019

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

															Accumulated
	Common Stock				Additional					Treasury Stock					Other
	Number of		$0.01 Par		Paid-in		Retained			Number 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		99		1		3,274		—			—		—			—			3,275
Stock-based compensation expense		—		—		2,685		—			—		—			—			2,685
Net loss		—		—		—		(13,316	)		—		—			—			(13,316	)
Foreign currency translation		—		—		—		—			—		—			(430	)		(430	)
Balance at March 31, 2019		23,050	$	231	$	206,655	$	114,401			4,631	$	(171,889	)	$	(5,584	)	$	143,814

															Accumulated
	Common Stock				Additional					Treasury Stock					Other
	Number of		$0.01 Par		Paid-in		Retained			Number 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		82		1		2,462		—			—		—			—			2,463
Cumulative effect adjustment due to adoption of new accounting pronouncements		—		—		—		3,829			—		—			(26	)		3,803
Stock-based compensation expense		—		—		1,963		—			—		—			—			1,963
Repurchases of common stock		—		—		—		—			106		(4,367	)		—			(4,367	)
Dividends paid on common shares		—		—		—		(3,611	)		—		—			—			(3,611	)
Net loss		—		—		—		(1,733	)		—		—			—			(1,733	)
Net change in marketable investments, net of tax		—		—		—		—			—		—			(115	)		(115	)
Foreign currency translation		—		—		—		—			—		—			1,703			1,703
Balance at March 31, 2018		22,514	$	225	$	186,335	$	121,495			4,497	$	(166,310	)	$	(450	)	$	141,295

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended March 31, 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		162			44.88
Vested		(11	)		40.38
Forfeited		(11	)		41.94
Unvested at March 31, 2019		637		$	41.89

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 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		(67	)		34.99
Forfeited		(1	)		33.16
Outstanding at March 31, 2019		515		$	35.31		4.72	$	6,721
Exercisable at March 31, 2019		438		$	35.48		4.38	$	5,639
Vested and expected to vest at March 31, 2019		515		$	35.31		4.72	$	6,721

Summary of Stock-Based Compensation Recorded in Expense Categories

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

	Three Months Ended
	March 31,
	2019		2018
Cost of services and fulfillment	$	1,463	$	1,020
Selling and marketing		440		244
General and administrative		782		699
Total	$	2,685	$	1,963

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