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This lovely stitch is a four row repeat worked over a multiple of 2 stitches, plus 1

K1B = Knit into the stitch below the next stitch on your left needle - you will be dropping the next stitch off the left needle at the same time.  This is a bit hard to understand written, so be sure to watch the video if you are confused. 

 

Row 1: Knit all stitches  (This is the wrong side of your fabric)

Row 2: Knit 1, *K1B, Knit 1*, repeat from * to end 

Row 3: Knit all stitches

Row 4: K2, K1B, *K1, K1B*, repeat from * to the last two stitches, K2

 

Repeat these four rows for pattern.  If you are a visual learner, below is a video demonstrating this stitch. Enjoy!