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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended March 31, 2021 |
| 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 Stockholders' Equity |
Balance at December 31, 2020 |  | 23,648 |  |  | $ | 236 |  |  | $ | 230,128 |  |  | $ | 127,981 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (690 | ) |  | $ | 185,766 |
Issuance of common stock under stock plans, including tax effects |  | 107 |  |  |  | 2 |  |  |  | 2,132 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,134 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,492 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,492 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,956 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,956 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 190 |  |  |  | 190 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,301 | ) |  |  | (2,301 | )
Balance at March 31, 2021 |  | 23,755 |  |  | $ | 238 |  |  | $ | 234,752 |  |  | $ | 131,937 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (2,801 | ) |  | $ | 192,237 |
| 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 Stockholders' 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, including tax effects |  | 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 |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | )
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (513 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (513 | )
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (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 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the three months ended March 31, 2021 is presented below (in thousands, except per share data):
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Unvested at December 31, 2020 |  |  | 642 |  |  | $ | 38.99 |
Granted |  |  | 7 |  |  |  | 46.04 |
Vested |  |  | (38 | ) |  |  | 41.24 |
Forfeited |  |  | (13 | ) |  |  | 39.44 |
Unvested at March 31, 2021 |  |  | 598 |  |  | $ | 38.93 |
Schedule of Stock Option Activity | Stock option activity for the three months ended March 31, 2021 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, 2020 |  |  | 292 |  |  | $ | 35.46 |  |  |  |  |  |  |  |  |
Exercised |  |  | (30 | ) |  |  | 36.04 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2021 |  |  | 262 |  |  | $ | 35.40 |  |  |  | 3.15 |  |  | $ | 1,859 |
Vested and Exercisable at March 31, 2021 |  |  | 262 |  |  | $ | 35.40 |  |  |  | 3.15 |  |  | $ | 1,859 |
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 on the Consolidated Statements of Operations (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Cost of services and fulfillment |  | $ | 1,435 |  |  | $ | 1,593 |
Selling and marketing |  |  | 449 |  |  |  | 362 |
General and administrative |  |  | 608 |  |  |  | 847 |
Total |  | $ | 2,492 |  |  | $ | 2,802 |
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, |
|  | 2021 |  |  | 2020 |
Average risk-free interest rate |  |  | 0.05 | % |  |  | 0.30 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 0.5 Years |  |  | 0.5 Years |
Expected volatility |  |  | 35 | % |  |  | 26 | %
Weighted average fair value |  | $ | 11.50 |  |  | $ | 8.10 |

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