Using a cookie cutter, cut a hole in the center of the bread slice. Place butter in a non-stick skillet over medium-medium high heat. Once butter begins to foam add bread slice and sauté (not moving the bread) for 20 seconds. Gently press down the sides of bread so that it is sitting flat on the pan. If the bread is moving up and down due to the sizzling butter, the heat is too high.
Crack an egg into the center of the bread slice. Cook approximately one minute. Very carefully flip the bread using a spatula large enough to cover the entire piece of bread. Cook on other side for approximately one to two minutes to desired doneness (over easy is best).
Transfer to a plate and season with salt and pepper.