Use a cookie cutter or glass to cut out a 2 inch circle in the center of the slice of bread.
Heat a small nonstick skillet over medium heat. Add 2 teaspoons butter. When butter has melted and is foamy, place the slice of bread in the pan. Cook for 1 minute until golden. Flip the piece of bread over, drop the remaining 1 teaspoon butter in the hole, and when the butter has completely melted, crack the egg into the hole. The white will run under and the yolk will sit in the hole. Cook over medium heat 1 to 3 minutes until as set as desired. If you wish a drier egg, you can flip the toast back over to lightly cook the top of the yolk. Serve hot.
You can make more than one portion at a time on the flat surface of a griddle.
c.1997, M.S. Milliken & S. Feniger, all rights reserved