This is how I'd go about it in LightWave. I did think starting with a square was a bit counter intuitive, but otherwise, pretty much the same idea, similar tools and techniques used.

 

Ignore the gradation in that last last images, I compressed the images pretty hard so they wouldn't be too large in file size.

 

Step 0 - Just a rough mock up of the size I wanted things to be. Furniture tends to use pretty heavy thread, so I wanted larger holes relative to the over all button size than what LuxXeon had.

Step 3-5 - Once I saw how many edges I needed to match what I got from the two holes, I made a 12 sided disc.

Step 7 - I patched the the disc and the two holes together, then with a bevel tool gave the edge the approximate shape I wanted.

Step 8 - Mirrord the top to the bottom so I'd have all the geo I need to work with.

Step 9-11 - Flattend the bottom cause I don't need the same shape, and removed some edges. Then patched the top to the bottom.

Step 12 - I ran a "smooth" operation on the highlighted ring, just to even out the geometry a bit on the top face. Note the more even distribution of the highlighted ring in step 12 compared to previously in step 4.

Step 13-14 - Selected the top half, and using a move tool with radial fall off, I added a convex curve to the top of the button to give it a bit more shape.

Step 15-16 - The button itself is 232 quads. Added the thread, and subpatched it.

Core i7 950@3.02GHz | 12GB Corsair Dominator Ram@1600mHz | 2GB Geforce GTX 660

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