How to Knit Moss Rib in the Round

Cast on a multiple of 4 stitches.
Place marker.
K3, P1 repeat to marker
P1,K1 *P3, K1 repeat from * to the last 2 stitches, P2
Repeat these two rows.

http://www.ravelry.com/projects/kwraikarn/moss-rib-slouch-hat