Defrost frozen squid/calamari rings in refrigerator the night before, or under cold running water before use. Drain well and pat dry with paper towel.
Prepare 4 bowls for breading station.
In the first bowl place squid/calamari rings. In the second bowl mix the flour, salt and pepper. To the third bowl add beaten egg mixture, and add Panko crumbs to the fourth bowl.
Dip a squid ring into the seasoned flour, coating well, then into the egg mixture, coating well, then lastly, drop it into the panko crumbs. Use your other hand to coat the ring thoroughly with panko. Place on plate and repeat the process one ring at a time until all are well coated.
In a heavy saucepan or deep fryer heat oil to 350 degrees. Add calamari rings a few at a time and cook until golden brown. Approximately a minute or so. Set aside on a paper towel lined plate and repeat the process in small batches until all are well cooked.