Eyelet Lace 26 in the round

PATTERN IN THE ROUND
Cast on a multiple of 4 stitches.
Rounds 1-3: Knit.
Round 4: *K2tog, yo, k2, repeat from *.
Rounds 5-7: Knit.
Round 8: *K2, k2tog, yo, repeat from *.
Repeat rounds 1-8.
Worked flat, see Eyelet Lace 26: Staggered Eyelet stitch