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Cut a circle in the middle of a piece of bread.
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If you don't have a round cookie cutter, the top of a glass will work.
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Heat a skillet or griddle sprayed with Pam or Mazola.
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Place the bread in the pan.
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Put about 1/2 t butter in the hole in the bread.
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Heat the butter until very hot.
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Crack an egg in the hole.
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Use a spatula to move the white around so it gets done.
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When the egg is fairly well set, turn the bread and egg over to cook the other side, being careful not to break the yolk.
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In the meantime, toast the holes from the bread for dipping in the yolk.
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Oh, and salt and pepper as desired.
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I guess you could toast the bread before you put it in the pan, but I've never tried it that way.