Tear a 2 1/2 inch circle from the center of a slice of bread or cut it out using a biscuit cutter (or even a glass will do). Spread margarine on both sides of the bread. Put the bread in skillet or on a flat griddle. Cook over medium hear 4 to 5 minutes or until golden brown on the bottom. Turn bread over with a pancake turner.
Crack an egg and let it drop into the hole in the bread. Poke the yolk with a toothpick and swirl to mix the yolk with the white. Turn the heat down and cook over low heat 5 to 7 minutes or until the egg is set. Sprinkle with salt and pepper. Use pancake turner to transfer to a plate.
