1 1/2 tbsp. butter
1 slice bread
1 egg
Salt and pepper, if you like

Cut the center out of slice of bread with a round cookie cutter or glass. Butter both sides of remaining bread, using about 1/2 tablespoon butter. Melt remaining butter in a small skillet over medium heat. Brown one side of bread. Turn bread over with a spatula.

Break egg in a small cup. Carefully slip it into the hole in the bread in the skillet. Sprinkle salt and pepper on top. When the white is set, use spatula to remove from pan. Or if you prefer, turn the bread and egg over to brown both sides.