Thanks for all the tips everyone, I'm definitely going to have to try some of those other methods in the future!
For today I decided to go with the pan sear, and then finish it off in the oven.
This was the first time I had ever tried cooking a steak this way (I usually grill outside on charcoal), and with it being a prime grade cut, I didn't want to screw it up.
I coated it with olive oil, then added salt & pepper, and let it sit for about an hour.
I then cooked it about 3 minutes per side on the stove in a pan about as hot as I could get it, and got a nice crust on the outside. Then I moved it to a 425 degree oven for around 5 minutes per side. The result was an almost perfectly cooked medium (that's the way I like my steak) rib eye. The inside looked close to erect's picture above, maybe a little more pink than that.
I must say, for my first time I was VERY impressed with the result I got. I've had some expensive steaks at what are supposed to be "the best in town" restaurants, and the steak I made today blew all of those away!
Being 24oz I didn't eat the whole thing myself. I shared it with my kids and two quotes I remember from them are: "It's so good it's hard not to enjoy", and "Steak makes me smile". LOL