Holes and Squares Baby Hat

As part of the 20 Hats Project, I am attempting to knit 20 hats for babies at hospitals in Baltimore by Christmas 2007. This is the first of those hats. At 14in (21cm) circumference, it is sized for a newborn's head (though probably not a preemie).

Finished Dimensions: 14in (21cm) circumference; 5in height to top.

Gauge: 15 sts by 22 rows in holey squares stitch, using US 10 (6mm) needles.

Materials:
approx. 1/2 skein Phentex Chunky (100% acrylic) Colorway: Creme Menthe. [3oz/85g to 135yd/123m]
US 10 (6.0mm) 16in circular needles
Set of US 10 (6.0mm) double-pointed needles (or a second circular needle, same size)
Stitch marker
Darning needle

Holey Squares Stitch [in the round]: (multiple of 10 stitches and 14 rows)
Rounds 1, 2, 3: (K5; P5) repeat to end
Round 4: (K2; YO; SSK; K1; P5) repeat to end
Rounds 5, 6, 7: (K5; P5) repeat to end
Round 8, 9, 10: (P5; K5) repeat to end
Round 11: (P5; K2; YO; SSK; K1) repeat to end
Rounds 12, 13, 14: (P5; K5) repeat to end

Instructions:
Cast on 50 stitches.
Join, being careful not to twist, and place marker

Garter stitch band:
Round 1: Purl all stitches
Round 2: Knit all stitches
Round 3: Purl all stitches (you will now have two ridges of purl)

Body:
Work Holey Squares pattern for 21 rows (1.5 complete pattern repeats)

Crown:
Round 1: (K5; P5) repeat to end of round
Round 2: (K2tog; K3; P2tog; P3) repeat to end of round (40 sts remain)
Rounds 3 &4: (K4; P4) repeat to end of round
Round 5: (K2tog; K2; P2tog; P2) repeat to end of round (30 sts)
Rounds 6&7: (K3; P3) repeat to end of round
Round 8: (P2tog; P1; K2tog; K1) repeat to end of round (20 sts)
Rounds 9&10: (P2; K2) repeat to end of round
Round 11: (P2tog; K2tog) repeat to end of round (10 sts)
Cut yarn, leaving a long tail. Thread tail through remaining 10 stitches and cinch tight.
Secure yarn ends to inside of hat.

Note: This hat is technically reversible. Take extra care when sewing in ends.

If you would like to help with the 20 Hat Project, please let me know in the comments. I will accept yarn donations (a good reason to get rid of stash!) as well as completed hats. They will be given to the Johns Hopkins and/or UNC Hospitals.