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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended September 30, 2019 |
| 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 Equity |
Balance at July 1, 2019 |  | 23,089 |  |  | $ | 231 |  |  | $ | 210,378 |  |  | $ | 115,956 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,990 | ) |  | $ | 149,686 |
Issuance of common stock under stock plans, net |  | 158 |  |  |  | 1 |  |  |  | (794 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (793 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 3,072 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,072 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,699 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,699 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,614 | ) |  |  | (1,614 | )
Balance at September 30, 2019 |  | 23,247 |  |  | $ | 232 |  |  | $ | 212,656 |  |  | $ | 113,257 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (6,604 | ) |  | $ | 147,652 |
| Three Months Ended September 30, 2018 |
| 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 Equity |
Balance at July 1, 2018 |  | 22,564 |  |  | $ | 226 |  |  | $ | 189,554 |  |  | $ | 125,698 |  |  |  | 4,624 |  |  | $ | (171,585 | ) |  | $ | (3,782 | ) |  | $ | 140,111 |
Issuance of common stock under stock plans, net |  | 329 |  |  |  | 3 |  |  |  | 5,129 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,132 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,120 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,120 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | (304 | ) |  |  | — |  |  |  | (304 | )
Dividends paid on common shares |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,642 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,642 | )
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,950 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,950 |
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | 65 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (602 | ) |  |  | (602 | )
Balance at September 30, 2018 |  | 22,893 |  |  | $ | 229 |  |  | $ | 196,803 |  |  | $ | 126,006 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,319 | ) |  | $ | 146,830 |
| Nine Months Ended September 30, 2019 |
| 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 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 |  | 296 |  |  |  | 2 |  |  |  | 3,355 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,357 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 8,605 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,605 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,460 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,460 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,450 | ) |  |  | (1,450 | )
Balance at September 30, 2019 |  | 23,247 |  |  | $ | 232 |  |  | $ | 212,656 |  |  | $ | 113,257 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (6,604 | ) |  | $ | 147,652 |
| Nine Months Ended September 30, 2018 |
| 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 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 |  | 461 |  |  |  | 5 |  |  |  | 8,703 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,708 |
Cumulative effect adjustment due to adoption of new accounting pronouncements |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,830 |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | 3,804 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 6,190 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,190 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | (9,946 | ) |  |  | — |  |  |  | (9,946 | )
Dividends paid on common shares |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,839 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,839 | )
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,005 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,005 |
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 12 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,293 | ) |  |  | (2,293 | )
Balance at September 30, 2018 |  | 22,893 |  |  | $ | 229 |  |  | $ | 196,803 |  |  | $ | 126,006 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,319 | ) |  | $ | 146,830 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the nine months ended September 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 |  |  | 434 |  |  |  | 43.87 |
Vested |  |  | (186 | ) |  |  | 39.40 |
Forfeited |  |  | (56 | ) |  |  | 43.39 |
Unvested at September 30, 2019 |  |  | 689 |  |  | $ | 42.96 |
Schedule of Stock Option Activity | Stock option activity for the nine months ended September 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 |  |  | (105 | ) |  |  | 34.07 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (20 | ) |  |  | 35.38 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2019 |  |  | 458 |  |  | $ | 35.54 |  |  |  | 4.32 |  |  | $ | 33,163 |
Exercisable at September 30, 2019 |  |  | 443 |  |  | $ | 35.55 |  |  |  | 4.24 |  |  | $ | 31,430 |
Vested and expected to vest at September 30, 2019 |  |  | 458 |  |  | $ | 35.54 |  |  |  | 4.32 |  |  | $ | 33,163 |
Summary of Stock-Based Compensation Recorded in Expense Categories | Stock-based compensation was recorded in the following expense categories (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Cost of services and fulfillment |  | $ | 1,782 |  |  | $ | 1,001 |  |  | $ | 4,812 |  |  | $ | 3,128 |
Selling and marketing |  |  | 441 |  |  |  | 261 |  |  |  | 1,366 |  |  |  | 752 |
General and administrative |  |  | 849 |  |  |  | 858 |  |  |  | 2,427 |  |  |  | 2,311 |
Total |  | $ | 3,072 |  |  | $ | 2,120 |  |  | $ | 8,605 |  |  | $ | 6,191 |
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, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Average risk-free interest rate |  |  | 1.89 | % |  |  | 2.34 | % |  |  | 1.89 | % |  |  | 1.80 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 1.6 | % |  |  | 0.0 | % |  |  | 1.9 | %
Expected life |  | 0.5 Years |  |  | 0.5 Years |  |  | 0.5 Years |  |  | 0.5 Years |
Expected volatility |  |  | 30 | % |  |  | 25 | % |  |  | 30 | % |  |  | 22 | %
Weighted average fair value |  | $ | 8.29 |  |  | $ | 10.87 |  |  | $ | 8.29 |  |  | $ | 8.72 |

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