Nice stitch for stretchy chunky ribbing that looks interesting and compound. It is knitted like something in-between seed stitch and classic ribbing. Another name is English Mock Rib.

The obtained fabric looks exactly the same from both sides, so it works great for reversible garments like scarves or afghans.

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.