Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

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

	Three Months Ended March 31, 2020
	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 December 31, 2019		23,275	$	233	$	216,454	$	118,147			4,631	$	(171,889	)	$	(4,857	)	$	158,088
Issuance of common stock under stock plans, net		114		1		1,052		—			—		—			—			1,053
Stock-based compensation expense		—		—		2,802		—			—		—			—			2,802
Cumulative effect adjustment due to adoption of new accounting pronouncement, net of tax of $61		—		—		—		(157	)		—		—			—			(157	)
Net loss		—		—		—		(513	)		—		—			—			(513	)
Net change in interest rate swap, net of tax of $462		—		—		—		—			—		—			(1,181	)		(1,181	)
Foreign currency translation		—		—		—		—			—		—			(1,920	)		(1,920	)
Balance at March 31, 2020		23,389	$	234	$	220,308	$	117,477			4,631	$	(171,889	)	$	(7,958	)	$	158,172

	Three Months Ended March 31, 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 December 31, 2018		22,951	$	230	$	200,696	$	127,717			4,631	$	(171,889	)	$	(5,154	)	$	151,600
Issuance of common stock under stock plans, net		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

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended March 31, 2020 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2019		656		$	42.94
Granted		15			37.15
Vested		(71	)		44.34
Forfeited		(48	)		43.71
Unvested at March 31, 2020		552		$	42.53

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 2020 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, 2019		436		$	35.62
Granted		—			—
Exercised		(17	)		33.53
Forfeited		(33	)		38.46
Outstanding at March 31, 2020		386		$	35.47		3.54	$	4
Exercisable at March 31, 2020		378		$	35.42		3.56	$	4
Vested and expected to vest at March 31, 2020		386		$	35.47		3.54	$	4

Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations

Forrester recognizes the fair value of stock-based compensation 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 the Consolidated Statements of Operations (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Cost of services and fulfillment	$	1,593	$	1,463
Selling and marketing		362		440
General and administrative		847		782
Total	$	2,802	$	2,685

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,
	2020			2019
Average risk-free interest rate		0.30	%		2.51	%
Expected dividend yield		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years
Expected volatility		26	%		34	%
Weighted average fair value	$	8.10		$	12.50