STITCH EXPLANATION
sk2p 
Slip next st, as if to knit, to right needle; knit next 2 sts together; pass slipped st over - 2 sts decreased.

PATTERN STITCH
Lace Stitch Pattern (multiple of 4 sts + 1 st)
Row 1 (wrong side):
 Purl.
Row 2: K1, *yo, sk2p, yo, k1; rep from * across to end of row.
Rep Rows 1 and 2 for Lace Stitch Pattern.

ABBREVIATIONS / REFERENCES
Click for explanation and illustration
k= knit rep = repeat
st(s) = stitch(es) yo = yarn over