Heat a large skillet over medium heat. Get the pan nice and hot.

Melt butter in the center of the skillet. Before it's completely melted, move the pat of butter to the side of the pan to make a small puddle of butter there, as well.

Cut the center out of the bread.

Lay the bread in the center of the skillet and the cut out in the small puddle of butter to the side.

Immediately crack the egg into the well in the bread. I broke the yolks so they'd cook hard, but you don't have to do that if you like your eggs dippy.

Wait 2-3 minutes, until the egg white are beginning to firm up, and carefully flip the whole thing. (Also flip the cut out on the side of the pan.)

Wait another couple of minutes and check to see if the egg whites are firm (and the yolk if that's your preference). The bread should be toasted but not burned.

To serve, top the egg with the toasted cut out.