Nice stitch for stretchy chunky ribbing that looks interesting and compound. It is knitted like something in-between seed stitch and classic ribbing.
The fabric looks exactly the same from both sides, so it works great for reversible garments like scarves or afghans.

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FLAT KNITTING

Cast On: number of stitches divisible by 4 + 3 more stitches.
Row 1 (RS): k3, (p1, k3) till the end of the row.
Row 2 (WS): k1, (p1, k3) until 2 stitches are left, p1, k1.
Repeat these two rows.

KNITTING IN THE ROUND

Cast On: number of stitches divisible by 4.
Row 1: (k3, p1) till the end of the row.
Row 2: p1, (k1, p3) until 3 stitches are left, k1, p2.
Repeat these two rows.