Bring steaks to room temperature. This takes about 45 minutes.
Combine salt, garlic powder, black pepper and paprika in a small bowl.
Sprinkle steaks liberally, depending on the thickness of the steaks. You maybe not need all the seasoning depending on how thick the steaks are.
Heat cast iron skillet over medium-high heat. I used my 9-inch Lodge pan. Add oil once the pan is heated. I like to use such a large amount of oil in the pan because it gives it such a great ear
Add steaks. They should sizzle pretty hard when you add them to the pan. If the pan cools too much, increase the heat. You will want it to stay pretty hot the whole time.
You will only want to turn these once, so make sure they are ready when you turn them. I like to do ours for about 3-5 minutes per side. We like our steaks medium rare- medium.
If you like it rarer, only just do about 2 minutes per side. If you like them more well done, about 7 minutes per side is great.
With the pan hot and the steaks at room temp, they will cook quickly.
Once you turn the steaks, add the butter and thyme sprigs and let this melt. Spoon the drippings quickly over the steaks. Remove from heat.
Slice the compound butter and top the steaks. Let them rest for about 5 minutes before serving. You can drizzle the dripping over the top for extra flavor if you like!