How to understand this pattern

[BrennaAbplanalp]

I'm making a beret. CO 80 sts (88 for next size up), 6 rows St st, 6 rows 1x1 ribbing.
What I am having trouble with is this:

Inc rnd : [K1, m1] 48 (24) times and then [K2, m1] 16 (32) times. 144 (144) sts.

I guess what I don't get is [K1, m1] makes 3 sts right? 3x48 is 144... so I guess I don't understand what the rest is?

Thanks

[suzeeq]

No, k1 m1 is 2 stitches. A m1 is done between stitches. If you want to use kfb, you would do it in every stitch. Then for the k2 m1 it would be k1 kfb.