Melt the margarine or butter in a non-stick pan or griddle over medium heat
Cut a 1 1/2 to 2-inch hole from the center of the bread slice; lay in the hot skillet. When the side facing down is lightly toasted, about 2 minutes, flip and crack the egg into the hole; season with salt and pepper. Continue to cook until the egg is cooked and mostly firm. Flip again and cook 1 minute more to assure doneness on both sides. Serve immediately.
(taken from http://allrecipes.com/recipe/187850/egg-in-a-hole/ )