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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2021
Equity [Abstract] |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended June 30, 2021 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Income (Loss) |  |  | Total Equity |
Balance at March 31, 2021 |  | 23,755 |  |  | $ | 238 |  |  | $ | 234,752 |  |  | $ | 131,937 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (2,801 | ) |  | $ | 192,237 |
Issuance of common stock under stock plans, including tax effects |  | 25 |  |  |  | — |  |  |  | 336 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 336 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 63 |  |  |  | (2,673 | ) |  |  | — |  |  |  | (2,673 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,397 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,397 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,343 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,343 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 139 |  |  |  | 139 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 723 |  |  |  | 723 |
Balance at June 30, 2021 |  | 23,780 |  |  | $ | 238 |  |  | $ | 237,485 |  |  | $ | 140,280 |  |  |  | 4,694 |  |  | $ | (174,562 | ) |  | $ | (1,939 | ) |  | $ | 201,502 |
| 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, including tax effects |  | 12 |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,464 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,464 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,837 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,837 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | 45 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 885 |  |  |  | 885 |
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, 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 |  | 132 |  |  |  | 2 |  |  |  | 2,468 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,470 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 63 |  |  |  | (2,673 | ) |  |  | — |  |  |  | (2,673 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 4,889 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,889 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,299 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,299 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 329 |  |  |  | 329 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,578 | ) |  |  | (1,578 | )
Balance at June 30, 2021 |  | 23,780 |  |  | $ | 238 |  |  | $ | 237,485 |  |  | $ | 140,280 |  |  |  | 4,694 |  |  | $ | (174,562 | ) |  | $ | (1,939 | ) |  | $ | 201,502 |
| 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 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 |  | 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 |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | )
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,324 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,324 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,136 | ) |  |  | (1,136 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,035 | ) |  |  | (1,035 | )
Balance at June 30, 2020 |  | 23,401 |  |  | $ | 234 |  |  | $ | 222,778 |  |  | $ | 129,314 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (7,028 | ) |  | $ | 173,409 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the six months ended June 30, 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 |  |  | 28 |  |  |  | 44.00 |
Vested |  |  | (52 | ) |  |  | 38.77 |
Forfeited |  |  | (25 | ) |  |  | 39.32 |
Unvested at June 30, 2021 |  |  | 593 |  |  | $ | 39.24 |
Schedule of Stock Option Activity | Stock option activity for the six months ended June 30, 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 |  |  | (43 | ) |  |  | 35.78 |  |  |  |  |  |  |
Outstanding at June 30, 2021 |  |  | 249 |  |  | $ | 35.41 |  |  |  | 2.97 |  |  | $ | 2,583 |
Vested and Exercisable at June 30, 2021 |  |  | 249 |  |  | $ | 35.41 |  |  |  | 2.97 |  |  | $ | 2,583 |
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 Income (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cost of services and fulfillment |  | $ | 1,401 |  |  | $ | 1,232 |  |  | $ | 2,835 |  |  | $ | 2,825 |
Selling and marketing |  |  | 399 |  |  |  | 423 |  |  |  | 848 |  |  |  | 785 |
General and administrative |  |  | 597 |  |  |  | 809 |  |  |  | 1,206 |  |  |  | 1,656 |
Total |  | $ | 2,397 |  |  | $ | 2,464 |  |  | $ | 4,889 |  |  | $ | 5,266 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Average risk-free interest rate |  |  | 0.05 | % |  |  | 0.30 | % |  |  | 0.05 | % |  |  | 0.30 | %
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 |  |  | 35 | % |  |  | 26 | % |  |  | 35 | % |  |  | 26 | %
Weighted average fair value |  | $ | 11.50 |  |  | $ | 8.10 |  |  | $ | 11.50 |  |  | $ | 8.10 |

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