Preheat oven to 350 degrees F. Set a small cooling rack over a 13 x 9 inch dish. Pour 1 cup of water into the bottom of the dish. Place ham, sliced side down (with end facing up), on top of the rack. Pierce ham all over with whole cloves, if desired.
Stir remaining ingredients in a small bowl. Brush half of the mixture all over ham. Loosely cover ham with aluminum foil and bake for 20 minutes. Brush remaining mixture all over ham and bake uncovered for an additional 40-45 minutes, or until internal temperature reaches 160 degrees and ham has caramelized. Slice and serve.