Cut or tear a 2-inch hole out of the center of each slice of bread.
Melt the butter in a large nonstick frying pan over medium heat until foaming. Add the bread slices. Crack an egg into each bread hole, season with salt and pepper, and cook until the bottoms are golden brown, about 3 to 4 minutes. Using a flat spatula, flip and cook until the second side is golden brown, about 3 minutes more for runny yolks. Serve immediately.