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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Stockholders' Equity | Note 12 — Stockholders’ Equity The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended September 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 June 30, 2021 |  | 23,780 |  |  | $ | 238 |  |  | $ | 237,485 |  |  | $ | 140,280 |  |  |  | 4,694 |  |  | $ | (174,562 | ) |  | $ | (1,939 | ) |  | $ | 201,502 |
Issuance of common stock under stock plans, including tax effects |  | 262 |  |  |  | 2 |  |  |  | 2,021 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,023 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 170 |  |  |  | (7,973 | ) |  |  | — |  |  |  | (7,973 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,462 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,462 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,522 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,522 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 128 |  |  |  | 128 |
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,508 | ) |  |  | (1,508 | )
Balance at September 30, 2021 |  | 24,042 |  |  | $ | 240 |  |  | $ | 241,968 |  |  | $ | 144,802 |  |  |  | 4,864 |  |  | $ | (182,535 | ) |  | $ | (3,323 | ) |  | $ | 201,152 |
| 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, including tax effects |  | 178 |  |  |  | 2 |  |  |  | (422 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (420 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,697 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,697 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,760 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,760 | )
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 205 |  |  |  | 205 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,577 |  |  |  | 2,577 |
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, 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 |  | 394 |  |  |  | 4 |  |  |  | 4,489 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,493 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 233 |  |  |  | (10,646 | ) |  |  | — |  |  |  | (10,646 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 7,351 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,351 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,821 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,821 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 457 |  |  |  | 457 |
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,086 | ) |  |  | (3,086 | )
Balance at September 30, 2021 |  | 24,042 |  |  | $ | 240 |  |  | $ | 241,968 |  |  | $ | 144,802 |  |  |  | 4,864 |  |  | $ | (182,535 | ) |  | $ | (3,323 | ) |  | $ | 201,152 |
| 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 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 |  | 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 |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (157 | )
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,564 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,564 |
Net change in interest rate swap, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (931 | ) |  |  | (931 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,542 |  |  |  | 1,542 |
Balance at September 30, 2020 |  | 23,579 |  |  | $ | 236 |  |  | $ | 225,053 |  |  | $ | 125,554 |  |  |  | 4,631 |  |  | $ | (171,889 | ) |  | $ | (4,246 | ) |  | $ | 174,708 |
Equity Plans Restricted stock unit activity for the nine months ended September 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 |  |  | 268 |  |  |  | 45.23 |
Vested |  |  | (242 | ) |  |  | 39.91 |
Forfeited |  |  | (61 | ) |  |  | 39.57 |
Unvested at September 30, 2021 |  |  | 607 |  |  | $ | 41.33 |
Stock option activity for the nine months ended September 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 |  |  | (135 | ) |  |  | 35.40 |  |  |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 157 |  |  | $ | 35.52 |  |  |  | 2.71 |  |  | $ | 2,163 |
Vested and Exercisable at September 30, 2021 |  |  | 157 |  |  | $ | 35.52 |  |  |  | 2.71 |  |  | $ | 2,163 |
No stock options were granted or forfeited during the nine months ended September 30, 2021. 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 on the Consolidated Statements of Operations (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cost of services and fulfillment |  | $ | 1,554 |  |  | $ | 1,638 |  |  | $ | 4,389 |  |  | $ | 4,463 |
Selling and marketing |  |  | 372 |  |  |  | 446 |  |  |  | 1,220 |  |  |  | 1,231 |
General and administrative |  |  | 536 |  |  |  | 613 |  |  |  | 1,742 |  |  |  | 2,270 |
Total |  | $ | 2,462 |  |  | $ | 2,697 |  |  | $ | 7,351 |  |  | $ | 7,964 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Average risk-free interest rate |  |  | 0.05 | % |  |  | 0.12 | % |  |  | 0.05 | % |  |  | 0.12 | %
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 |  |  | 30 | % |  |  | 93 | % |  |  | 30 | % |  |  | 93 | %
Weighted average fair value |  | $ | 11.20 |  |  | $ | 14.57 |  |  | $ | 11.20 |  |  | $ | 14.57 |
Treasury Stock As of September 30, 2021, Forrester’s B oard of Directors had authorized an aggregate $535.0 million to purchase common stock under its stock repurchase program. In October 2021, Forrester's Board of Directors increased the stock repurchase authorization by an additional $50.0 million. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three and nine months ended September 30, 2021, the Company repurchased approximately 0.2 million shares of common stock at an aggregate cost of approximately $8.0 million and $10.6 million, respectively. During the three and nine months ended September 30, 2020, the Company did no t repurchase any shares of common stock. From the inception of the program through September 30, 2021, the Company repurchased 16.5 million shares of common stock at an aggregate cost of $485.5 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 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
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