Well your example is like what I would call this flow:

rather than this one:

because it lacks the rings of faces around the holes as seen here:

see:

yours on the other hand goes like:

so while I thank you for taking the time with your answer to model it, I find the answer somewhat confusing. Additionally if your model, rather than the picture of the flow of faces, is the most correct way then I have a question. As far as I can see there is a triangle near the top hole and there are long, thin quads in the middle. Am I incorrect in thinking these are both things that should generally be avoided when possible?