Ribbed Lace Preemie Hat

I knit this little hat for Valentine's Day using red Debbie Bliss Baby Cashmerino yarn and size 3 dp needles. It took me about 90 minutes to knit.

This is the stitch pattern:
Rnd 1: k1, p1, k2, p1, k1
Rnd 2: k1, p1, yo, ssk, p1, k1
Rnd 3: k1, p1, k2, p1, k1
Rnd 4: k1, p1, k2tog, yo, p1, k1

I cast on 42 stitches and knit 8 rows of k1(tbl), p1, completed the stitch pattern four times and then decreased as follows:
Rnd 1: k4, k2tog
Rnd 2: Knit around
Rnd 2: k3, k2tog
Rnd 4 Knit around
Rnd 5: k2, k2tog
Rnd 6: Knit around
Rnd 7: k1,k2tog
Rnd 8: k2tog
Rnd 9: k2tog 3 times, k1 (4 stitches remain)
Make I-cord with remaining stitches and weave in ends.