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!