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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Components of 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 |
Schedule of Restricted Stock Unit Activity | 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 |
Schedule of Stock Option Activity | 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 |
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 |  |  | 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 |
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, |
|  | 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 |

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