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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Stockholders' Equity | Note 9 - Stockholders’ Equity Preferred Stock Forrester has authorized 500,000 shares of $0.01 par value preferred stock. The Board of Directors has full authority to issue this stock and to fix the voting powers, preferences, rights, qualifications, limitations, or restrictions thereof, including dividend rights, conversion rights, redemption privileges, liquidation preferences, and the number of shares constituting any series or designation of such series. Treasury Stock As of December 31, 2020, Forrester’s Board of Directors has authorized an aggregate $535.0 million to purchase common stock under the Company’s stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. As of December 31, 2020, the Company had repurchased approximately 16.3 million shares of common stock at an aggregate cost of $474.9 million. Dividends As a result of the acquisition of SiriusDecisions on January 3, 2019 (see Note 2 – Acquisitions), and the related debt incurred to fund the acquisition (see Note 4 – Debt), the Company suspended its dividends program beginning in 2019. The Company did not declare or pay any dividends in the years ended December 31, 2020 or 2019. During the year ended December 31, 2018, the Company declared and paid four quarterly dividends of $0.20 per share each quarter, amounting to $0.80 per share or $14.5 million. Equity Plans The Company maintains the Forrester Research, Inc. Amended and Restated Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan, which runs until May 2026, provides for the issuance of stock-based awards, including incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), and restricted stock units (“RSUs”) to purchase up to 6,350,000 shares authorized in the plan and 793,275 shares returned from prior plans. Under the terms of the Equity Incentive Plan, ISOs may not be granted at less than fair market value on the date of grant (and in no event less than par value). Options and RSUs generally vest annually over four years and options expire after 10 years. No future awards can be granted or issued under prior plans and there is a maximum amount of awards issuable under the plan to the Company’s non-employee Directors. Beginning in 2017, RSUs granted to non-employee directors vest quarterly over one year. Options and RSUs granted under the Equity Incentive Plan immediately vest upon certain events, as described in the plan. As of December 31, 2020, approximately 1.9 million shares were available for future grant of awards under the Equity Incentive Plan. As of December 31, 2020, approximately 8,000 options remain outstanding and are fully vested under prior plans. Restricted Stock Units Restricted stock units represent the right to receive one share of Forrester common stock when the restrictions lapse and the vesting conditions are met. RSUs are valued on the date of grant based upon the value of the Company’s stock on the date of grant less the present value of dividends expected to be paid during the requisite service period. Shares of Forrester’s common stock are delivered to the grantee upon vesting, subject to a reduction of shares for payment of withholding taxes. The weighted average grant date fair value for RSUs granted in 2020, 2019, and 2018 was $35.15, $43.84, and $43.71, respectively. The value of RSUs vested and converted to common stock, based on the value of Forrester’s common stock on the date of vesting, was $10.0 million, $8.2 million, and $9.1 million during 2020, 2019, and 2018, respectively. RSU activity for the year ended December 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 |  |  | 360 |  |  |  | 35.15 |
Vested |  |  | (275 | ) |  |  | 41.92 |
Forfeited |  |  | (99 | ) |  |  | 43.02 |
Unvested at December 31, 2020 |  |  | 642 |  |  | $ | 38.99 |
Stock Options Stock option activity for the year ended December 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 |  |  | (90 | ) |  |  | 34.87 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (54 | ) |  |  | 37.70 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 292 |  |  | $ | 35.46 |  |  |  | 3.35 |  |  | $ | 1,880 |
Vested and Exercisable at December 31, 2020 |  |  | 292 |  |  | $ | 35.46 |  |  |  | 3.35 |  |  | $ | 1,880 |
The total intrinsic value of options exercised during 2020, 2019, and 2018 was $0.5 million, $1.5 million, and $3.3 million, respectively. Employee Stock Purchase Plan In May 2018, stockholders of the Company approved an amendment to the Company’s Amended and Restated Employee Stock Purchase Plan (the “Stock Purchase Plan”), which provided for an additional 400,000 shares of common stock, par value $0.01 per share, to be granted under the plan. The Stock Purchase Plan provides for the issuance of up to 1.1 million shares of common stock and as of December 31, 2020, approximately 0.3 million shares remain available for issuance. With certain limited exceptions, all employees of Forrester whose customary employment is more than 20 hours per week, including officers and directors who are employees, are eligible to participate in the Stock Purchase Plan. Purchase periods under the Stock Purchase Plan are six months in length and commence on each successive March 1 and September 1. Stock purchased under the Stock Purchase Plan is required to be held for one year before it is able to be sold. During each purchase period the maximum number of shares of common stock that may be purchased by an employee is limited to the number of shares equal to $12,500 divided by the fair market value of a share of common stock on the first day of the purchase period. An employee may elect to have up to 10% deducted from his or her compensation for the purpose of purchasing shares under the Stock Purchase Plan. The price at which the employee’s shares are purchased is the lower of: (1) 85% of the closing price of the common stock on the day that the purchase period commences, or (2) 85% of the closing price of the common stock on the day that the purchase period terminates. Shares purchased by employees under the Stock Purchase Plan are as follows (in thousands, except per share data):
| Shares |  |  | Purchase |
Purchase Period Ended | Purchased |  |  | Price |
February 29, 2020 |  | 47 |  |  | $ | 29.27 |
August 31, 2020 |  | 50 |  |  | $ | 30.14 |
February 28, 2019 |  | 25 |  |  | $ | 41.82 |
August 31, 2019 |  | 35 |  |  | $ | 29.64 |
Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) The components of accumulated other comprehensive income (loss) are as follows (in thousands):
|  | Marketable Investments |  |  | Interest Rate Swap |  |  | Translation Adjustment |  |  | Total AOCI/L |
Balance at December 31, 2017 |  | $ | (115 | ) |  | $ | — |  |  | $ | (1,897 | ) |  | $ | (2,012 | )
Foreign currency translation (1) |  |  | — |  |  |  | — |  |  |  | (3,257 | ) |  |  | (3,257 | )
Reclassification of stranded tax effects from tax reform |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | (26 | )
Unrealized gain before reclassification, net of tax of $(4) |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Reclassification of AOCI/L to income, net of tax of $(75) (2) |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | 129 |
Balance at December 31, 2018 |  |  | — |  |  |  | — |  |  |  | (5,154 | ) |  |  | (5,154 | )
Foreign currency translation (1) |  |  | — |  |  |  | — |  |  |  | 401 |  |  |  | 401 |
Unrealized loss, net of tax of $40 |  |  | — |  |  |  | (104 | ) |  |  | — |  |  |  | (104 | )
Balance at December 31, 2019 |  |  | — |  |  |  | (104 | ) |  |  | (4,753 | ) |  |  | (4,857 | )
Foreign currency translation (1) |  |  | — |  |  |  | — |  |  |  | 4,884 |  |  |  | 4,884 |
Unrealized loss before reclassification, net of tax of $283 |  |  | — |  |  |  | (1,333 | ) |  |  | — |  |  |  | (1,333 | )
Reclassification of AOCI/L to income, net of tax of $(242) (3) |  |  | — |  |  |  | 616 |  |  |  | — |  |  |  | 616 |
Balance at December 31, 2020 |  | $ | — |  |  | $ | (821 | ) |  | $ | 131 |  |  | $ | (690 | )
(1) | The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries.
(2) | Reclassification is related to r ealized losses on sales of the Company’s available-for-sale securities and were recorded in gains on investments, net in the Consolidated Statements of Operations.
(3) | Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense in the Consolidated Statements of Operations. Refer to Note 6 – Derivatives and Hedging.

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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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