Follow this quick video demonstration to see how to knit a shaker rib stitch. The shaker rib is also known as the half fisherman, and that's because it's not as bulky as the fisherman rib. During this process, you'll even see how you can knit one below, or k1b.
For the 1st row (WS): Knit all stitches.
2nd row (RS): *p1, knit 1 in the stitch below (aka p1, k1b0, repeat - across row (if uneven number of sts end p1).
Repeat row one and two.