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Arrange a rack inside of a medium roasting pan. Unwrap the ham and place it flat-side down on the rack. Let it sit at room temperature inside the oven for 40 minutes. After 40 minutes, turn the oven on to 325°F.
Add ¾ cup of water to the base of the roasting pan. Wrap the pan tightly with aluminum foil and bake for 1 hour 30 minutes to 2 hours (depending on the size of your ham.) An instant read thermometer inserted into the center of the ham should register 130°F.
Meanwhile, combine the sugar, honey, bourbon and spices in a small saucepan. Bring to a low boil over medium heat, then cook, whisking constantly, for 1 minute. Remove from the heat and whisk in the mustard. Set aside until ready to glaze the ham.
Remove the ham from the oven and uncover. Increase the oven temperature to 400°F. Generously brush some of the glaze all over the ham. Return to the oven to bake for 10 minutes. Glaze ham again, then bake for 10 minutes longer.
Once the ham is sizzling and the crust is caramelized, remove from the oven and brush generously with more glaze. Let rest for 15 to 20 minutes for the ham to cool slightly before serving.