Cut a circle from centres of bread using a round cookie cutter or drinking glass approximately 2-1/4 inches (6 cm) in diameter. (Bread circle can be cooked along with rest of bread or reserved for another use).
Spray large skillet with cooking spray. Heat skillet over medium heat.
Place bread in skillet. Break an egg into each hole in bread. Season with salt and pepper. Cook slowly until eggs are set and bottom of bread is browned. If desired, turn over and cook top of egg.
Shredded cheese can be sprinkled over egg in last minute of cooking, if desired.