Shown with a cast-on count of 32 stitches.  

• Rounds 1-2: [P2, k2] 8 times.
• Rounds 3-4: *K2, p2, repeat from *.
• Rounds 5-6: Knit.
• Round 7: *P2tog, p2, k10, p2, repeat from * (30 sts).
• Round 8: *P3, k10, p2, repeat from *.
• Round 9: *P1, p2tog, k10, p2tog, repeat from * (26 sts).
• Round 10: *P2, k10, p1, repeat from *.
• Round 11: *P1, p2tog, k8, p2tog, repeat from * (22 sts).
• Round 12: *P2, k8, p1, repeat from *.
• Round 13: *P1, p2tog, k6, p2tog, repeat from * (18 sts).
• Round 14: *P2, k6, p1, repeat from *.
• Round 15: *P1, p2tog, k4, p2tog, repeat from * (14 sts).
• Round 16: *P2, k4, p1, repeat from *.
• Round 17: *P1, p2tog, k2, p2tog, repeat from * (10 sts).
• Round 18: *P2, k2, p1, repeat from *.
• Round 19: *P1, p2tog, p2tog, repeat from * (6 sts).
• Round 20: *P1, p2tog, repeat from * (4 sts).
• Round 21: *P2tog, repeat from * (2 sts).