My Mom made this for me when I was a kid, now I make this for my daughter and she loves it.
Cut a hole in a piece of bread with a glass, (save the round piece of bread) turn burner on to med/high, add a little butter or cooking spray to your pan.
Break an egg into the center.
Use the cutout round piece of bread to break the yolk and spread the egg all over the bread, then replace the round piece back in the center.
Cook on both sides until done, simple as that!