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Slipping the Stitches
A S2KP, or slip 2, knit 1, pass the slipped stitches over (which may also be abbreviated sl 2 k1, p2sso) is a basic double decrease.
It's called a centered double decrease because it doesn't really lean to the left or the right. Instead, the slipped stitches recede and the center stitch becomes prominent.Continue to 2 of 4 below.
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The next step in making an S2KP decrease is to knit the stitch that follows the two slipped stitches.Continue to 3 of 4 below.
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Pass the Slipped Stitches Over
To finished the S2KP decrease, simply use the left-hand needle to pick up the two stitches you just slipped and pass them over the knit stitch and off the right-hand needle, as if you were binding off. You've just decreased two stitches.Continue to 4 of 4 below.
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The Finished Stitch
Once your S2KP has been completed, continue across the row as usual.
As you can see, this decrease makes the slipped stitches recede into the background while the knit stitch pops out, making a centered double decrease that's great in lace knitting and other times you might need to take out more than one stitch at once.