1.  Butter a slice of toast and then cut a two inch circle out of the center & set aside.
2.  Heat a frying pan or griddle.
3.  Heat the buttered bread and the circle of bread (both) butter-side up for about a minute.
4.  Flip them over to the buttered side.
5.  Crack an egg into the cut out hole.
6.  Let it cook.

Serve it either up or over with the cut out piece on top

This is the low-cal version. I usually butter both <gasp> sides of the bread or melt butter on the griddle and set the unbuttered side on it.