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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Stockholders' Equity | Note 12 — Stockholders’ Equity The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended September 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 June 30, 2020 |  | 23,401 |  |  | $ | 234 |  |  | $ | 222,778 |  |  | $ | 129,314 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (7,028 | ) |  | $ | 173,409 |
Issuance of common stock under stock plans, net |  | 178 |  |  |  | 2 |  |  |  | (422 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (420 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,697 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,697 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,760 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,760 | )
Other comprehensive income |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,782 |  |  |  | 2,782 |
Balance at September 30, 2020 |  | 23,579 |  |  | $ | 236 |  |  | $ | 225,053 |  |  | $ | 125,554 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,246 | ) |  | $ | 174,708 |
| 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 June 30, 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 | )
Other comprehensive loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,614 | ) |  |  | (1,614 | )
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, 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 |  | 304 |  |  |  | 3 |  |  |  | 635 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 638 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 7,964 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,964 |
Cumulative effect adjustment due to adoption of new accounting pronouncement, net of tax of $61 |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | )
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,564 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,564 |
Other comprehensive income |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 611 |  |  |  | 611 |
Balance at September 30, 2020 |  | 23,579 |  |  | $ | 236 |  |  | $ | 225,053 |  |  | $ | 125,554 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,246 | ) |  | $ | 174,708 |
| 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 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 |  | 296 |  |  |  | 2 |  |  |  | 3,355 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,357 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 8,605 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,605 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,460 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,460 | )
Other comprehensive loss |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,450 | ) |  |  | (1,450 | )
Balance at September 30, 2019 |  | 23,247 |  |  | $ | 232 |  |  | $ | 212,656 |  |  | $ | 113,257 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (6,604 | ) |  | $ | 147,652 |
Equity Plans Restricted stock unit activity for the nine months ended September 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 |  |  | 355 |  |  |  | 35.10 |
Vested |  |  | (267 | ) |  |  | 42.21 |
Forfeited |  |  | (84 | ) |  |  | 43.60 |
Unvested at September 30, 2020 |  |  | 660 |  |  | $ | 38.94 |
Stock option activity for the nine months ended September 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 |  |  | (29 | ) |  |  | 32.94 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (53 | ) |  |  | 37.75 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2020 |  |  | 354 |  |  | $ | 35.52 |  |  |  | 3.26 |  |  | $ | 28 |
Vested and Exercisable at September 30, 2020 |  |  | 354 |  |  | $ | 35.52 |  |  |  | 3.26 |  |  | $ | 28 |
Stock-Based Compensation 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cost of services and fulfillment |  | $ | 1,638 |  |  | $ | 1,782 |  |  | $ | 4,463 |  |  | $ | 4,812 |
Selling and marketing |  |  | 446 |  |  |  | 441 |  |  |  | 1,231 |  |  |  | 1,366 |
General and administrative |  |  | 613 |  |  |  | 849 |  |  |  | 2,270 |  |  |  | 2,427 |
Total |  | $ | 2,697 |  |  | $ | 3,072 |  |  | $ | 7,964 |  |  | $ | 8,605 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Average risk-free interest rate |  |  | 0.12 | % |  |  | 1.89 | % |  |  | 0.12 | % |  |  | 1.89 | %
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 |  |  | 93 | % |  |  | 30 | % |  |  | 93 | % |  |  | 30 | %
Weighted average fair value |  | $ | 14.57 |  |  | $ | 8.29 |  |  | $ | 14.57 |  |  | $ | 8.29 |
Dividends In 2019, the Company suspended its dividends program as a result of the acquisition of SiriusDecisions on January 3, 2019 (refer to Note 2 – Acquisitions), and the related debt incurred to fund the acquisition (refer to Note 4 – Debt). The Company did not declare or pay any dividends in the nine months ended September 30, 2020 and 2019, respectively. Treasury Stock As of September 30, 2020, Forrester’s Board of Directors had authorized an aggregate $535.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. In the nine months ended September 30, 2020 and 2019, the Company did not repurchase any shares of common stock. From the inception of the program through September 30, 2020, the Company repurchased 16.3 million shares of common stock at an aggregate cost of $474.9 million.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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