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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Components of Stockholders' Equity

The components of stockholders’ equity are as follows (in thousands):


	Three Months Ended September 30, 2023
	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 Stockholders' Equity
Balance at June 30, 2023		24,512			$	245			$	269,371			$	175,860				5,332			$	(207,887	)		$	(5,944	)		$	231,645
Issuance of common stock under stock plans, including tax effects		160				2				282				—				—				—				—				284
Repurchases of common stock		—				—				—				—				105				(3,262	)			—				(3,262	)
Stock-based compensation expense		—				—				4,144				—				—				—				—				4,144
Net income		—				—				—				2,484				—				—				—				2,484
Net change in marketable investments, net of tax		—				—				—				—				—				—				30				30
Foreign currency translation		—				—				—				—				—				—				(2,435	)			(2,435	)
Balance at September 30, 2023		24,672			$	247			$	273,797			$	178,344				5,437			$	(211,149	)		$	(8,349	)		$	232,890


	Three Months Ended September 30, 2022
	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 June 30, 2022		24,159			$	242			$	254,937			$	170,847				5,305			$	(207,067	)		$	(8,860	)		$	210,099
Issuance of common stock under stock plans, including tax effects		193				2				(501	)			—				—				—				—				(499	)
Stock-based compensation expense		—				—				3,905				—				—				—				—				3,905
Net income		—				—				—				5,414				—				—				—				5,414
Net change in interest rate swap, net of tax		—				—				—				—				—				—				(5	)			(5	)
Net change in marketable investments, net of tax		—				—				—				—				—				—				(54	)			(54	)
Foreign currency translation		—				—				—				—				—				—				(4,971	)			(4,971	)
Balance at September 30, 2022		24,352			$	244			$	258,341			$	176,261				5,305			$	(207,067	)		$	(13,890	)		$	213,889


	Nine Months Ended September 30, 2023
	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, 2022		24,367			$	244			$	261,766			$	174,631				5,305			$	(207,067	)		$	(7,918	)		$	221,656
Issuance of common stock under stock plans, including tax effects		305				3				862				—				—				—				—				865
Repurchases of common stock		—				—				—				—				132				(4,082	)			—				(4,082	)
Stock-based compensation expense		—				—				11,169				—				—				—				—				11,169
Net income		—				—				—				3,713				—				—				—				3,713
Net change in marketable investments, net of tax		—				—				—				—				—				—				52				52
Foreign currency translation		—				—				—				—				—				—				(483	)			(483	)
Balance at September 30, 2023		24,672			$	247			$	273,797			$	178,344				5,437			$	(211,149	)		$	(8,349	)		$	232,890


	Nine Months Ended September 30, 2022
	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, 2021		24,085			$	241			$	245,985			$	152,825				5,027			$	(191,955	)		$	(3,189	)		$	203,907
Issuance of common stock under stock plans, including tax effects		267				3				1,320				—				—				—				—				1,323
Repurchases of common stock		—				—				—				—				278				(15,112	)			—				(15,112	)
Stock-based compensation expense		—				—				11,036				—				—				—				—				11,036
Net income		—				—				—				23,436				—				—				—				23,436
Net change in interest rate swap, net of tax		—				—				—				—				—				—				259				259
Net change in marketable investments, net of tax		—				—				—				—				—				—				(147	)			(147	)
Foreign currency translation		—				—				—				—				—				—				(10,813	)			(10,813	)
Balance at September 30, 2022		24,352			$	244			$	258,341			$	176,261				5,305			$	(207,067	)		$	(13,890	)		$	213,889

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended September 30, 2023 is presented below (in thousands, except per share data):


						Weighted-
						Average
		Number of				Grant Date
		Shares				Fair Value
Unvested at December 31, 2022			682			$	46.28
Granted			625				33.34
Vested			(256	)			45.33
Forfeited			(99	)			43.24
Unvested at September 30, 2023			952			$	38.36

Schedule of Stock Option Activity

Stock option activity for the nine months ended September 30, 2023 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, 2022			89			$	35.58
Granted			144				33.04
Exercised			(2	)			34.37
Forfeited			(27	)			34.23
Outstanding at September 30, 2023			204			$	33.98				6.52			$	—
Exercisable at September 30, 2023			75			$	35.58				1.57			$	—
Vested and expected to vest at September 30, 2023			204			$	33.98				6.52			$	—

Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations

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,
		2023				2022				2023				2022
Cost of services and fulfillment		$	2,449			$	2,268			$	6,505			$	6,397
Selling and marketing			790				743				2,094				2,128
General and administrative			905				894				2,570				2,511
Total		$	4,144			$	3,905			$	11,169			$	11,036

Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of options granted under the equity incentive plans and 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,
		2023								2022				2023								2022
		Equity Incentive Plans				Employee Stock Purchase Plan				Employee Stock Purchase Plan				Equity Incentive Plans				Employee Stock Purchase Plan				Employee Stock Purchase Plan
Average risk-free interest rate			4.27	%			5.51	%			3.71	%			4.27	%			5.51	%			3.71	%
Expected dividend yield			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%
Expected life		4.75 Years				0.5 Years				0.5 Years				4.75 Years				0.5 Years				0.5 Years
Expected volatility			43	%			35	%			33	%			43	%			35	%			33	%
Weighted average fair value		$	14.24			$	7.90			$	10.22			$	14.24			$	7.90			$	10.22