In this letter, the problem of extraordinary (ET) transmission of electromagnetic waves through opaque screens perforated with subwave-length holes is addressed from an analytical point of view. Our purpose was to find a closed-form expression for the transmission coefficient in a simple case in order to explore and clarify, as much as possible, the physical background of the phenomenon. The solution of this canonical example, apart from matching quite well with numerical simulations given by commercial solvers, has provided new insight in extraordinary transmission as well as Wood's anomaly. Thus, our analysis has revealed that one of the key factors behind ET is the continuous increase of excess electric energy around the holes as the frequency approaches the onset of some of the higher-order modes associated with the periodicity of the screen. The same analysis also helps to clarify the role of surface modes -or spoof plasmons- in the onset of ET.