It means that for every 4 inches of knitting you should have eleven stitches... AND that you should have 2 and 3/4ths of a stitch for every ONE inch of knitting.
11 stitches per 4 inches. That means that you should have 11 stitches in every 4" of knitting. divide 11 by 4, and you have your stitches per 1 inch. Does that clear it up?
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One of many knitting guys.
CONGRATULATIONS TO AMY AND SHELDON ON THE BIRTH OF THEIR DAUGHTER!