Place a nonstick pan over medium-low heat and bring to temperature. Do not increase the heat.
Spread both sides of the bread with about a ½ tablespoon of butter, and place on a work surface. Use a 2 ½-3" round biscuit or cookie cutter to cut a hole out of the center of the bread.
Place the slice of bread and the cut-out in the skillet. Allow the bread to toast, about 2 minutes. Flip the bread slice and the cut-out, and add a ½ tablespoon of butter to the pan in the hole of the bread slice.
As soon as the butter is melted, carefully, crack the egg into the hole and cover the pan. Cook for about 3 minutes more, or until the egg white is completely opaque.
Use a thin, rubber spatula to remove the bread and egg from the pan, and repeat with the remaining bread and eggs.
Sprinkle with salt and pepper to taste, and garnish with chopped chives, if desired. Serve and enjoy!