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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended June 30, 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 March 31, 2020 |  | 23,389 |  |  | $ | 234 |  |  | $ | 220,308 |  |  | $ | 117,477 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (7,958 | ) |  | $ | 158,172 |
Issuance of common stock under stock plans, net |  | 12 |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,464 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,464 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,837 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,837 |
Other comprehensive income |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 930 |  |  |  | 930 |
Balance at June 30, 2020 |  | 23,401 |  |  | $ | 234 |  |  | $ | 222,778 |  |  | $ | 129,314 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (7,028 | ) |  | $ | 173,409 |
| Three Months Ended June 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 March 31, 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 |
Other comprehensive income |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 594 |  |  |  | 594 |
Balance at June 30, 2019 |  | 23,089 |  |  | $ | 231 |  |  | $ | 210,378 |  |  | $ | 115,956 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,990 | ) |  | $ | 149,686 |
| Six Months Ended June 30, 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 |  | 126 |  |  |  | 1 |  |  |  | 1,058 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,059 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 5,266 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,266 |
Cumulative effect adjustment due to adoption of new accounting pronouncement, net of tax of $61 |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | )
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,324 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,324 |
Other comprehensive loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,171 | ) |  |  | (2,171 | )
Balance at June 30, 2020 |  | 23,401 |  |  | $ | 234 |  |  | $ | 222,778 |  |  | $ | 129,314 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (7,028 | ) |  | $ | 173,409 |
| Six Months Ended June 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 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 |  | 138 |  |  |  | 1 |  |  |  | 4,149 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,150 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 5,533 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,533 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,761 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,761 | )
Other comprehensive income |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 164 |  |  |  | 164 |
Balance at June 30, 2019 |  | 23,089 |  |  | $ | 231 |  |  | $ | 210,378 |  |  | $ | 115,956 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,990 | ) |  | $ | 149,686 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the six months ended June 30, 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 |  |  | 62 |  |  |  | 31.06 |
Vested |  |  | (83 | ) |  |  | 44.04 |
Forfeited |  |  | (76 | ) |  |  | 43.77 |
Unvested at June 30, 2020 |  |  | 559 |  |  | $ | 41.35 |
Schedule of Stock Option Activity | Stock option activity for the six months ended June 30, 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 |  |  | (28 | ) |  |  | 32.96 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (38 | ) |  |  | 38.25 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2020 |  |  | 370 |  |  | $ | 35.56 |  |  |  | 3.40 |  |  | $ | 15 |
Exercisable at June 30, 2020 |  |  | 367 |  |  | $ | 35.52 |  |  |  | 3.38 |  |  | $ | 15 |
Vested and expected to vest at June 30, 2020 |  |  | 370 |  |  | $ | 35.56 |  |  |  | 3.40 |  |  | $ | 15 |
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 |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cost of services and fulfillment |  | $ | 1,232 |  |  | $ | 1,567 |  |  | $ | 2,825 |  |  | $ | 3,030 |
Selling and marketing |  |  | 423 |  |  |  | 485 |  |  |  | 785 |  |  |  | 925 |
General and administrative |  |  | 809 |  |  |  | 796 |  |  |  | 1,656 |  |  |  | 1,578 |
Total |  | $ | 2,464 |  |  | $ | 2,848 |  |  | $ | 5,266 |  |  | $ | 5,533 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Average risk-free interest rate |  |  | 0.30 | % |  |  | 2.51 | % |  |  | 0.30 | % |  |  | 2.51 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 0.5 Years |  |  | 0.5 Years |  |  | 0.5 Years |  |  | 0.5 Years |
Expected volatility |  |  | 26 | % |  |  | 34 | % |  |  | 26 | % |  |  | 34 | %
Weighted average fair value |  | $ | 8.10 |  |  | $ | 12.50 |  |  | $ | 8.10 |  |  | $ | 12.50 |

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