Originally Posted by knitknitknit
48 stitches cast on
Dec Rnd: P to 2 sts before first marker, p2tog, sl marker, p2tog, p to 2 sts before 2nd marker, p2tog, sl marker, p2tog, p to end. Work 12 rnds even. Rep dec rnd- 40 sts. Work 10 rnds even.
You're right about the decrease round is to go. Then, where it says 'work 12 rnds even' you are going to work 12 rounds without any decreases
. I'm not sure where you come up with 40sts left after the decrease round, though. There are a total of 4 stitches decreased (p2tog x 4) in that round so the first decrease round will take you down to 44sts.
Then after the 12 rounds @ 44sts with no decreases, you will work the decrease round once more. After that decrease round is complete you will have 40 stitches remaining, as the pattern states (again, p2tog x 4 = 4 stitches decreased).
After the second decrease round you will work 10 rounds @ 40sts with no decreases.
That will take you to the end of that set of instructions.