Adjust the oven racks to accommodate a large covered roasting pan. Fit the pan with a shallow rack. Preheat the oven to 350 degrees F.
Unwrap the ham and rinse it in cold water. Place it on the rack in the roasting pan. Cover the pan with the lid and bake for half the estimated cooking time (Total cooking time is about 20 minutes per pound.) Halfway through the estimated cooking time, add the sugar and honey to a saucepan, cooking over medium heat until smooth and sugar is dissolved. Pour the mixture over the ham and continue baking the ham, basting occasionally with the drippings in the roaster.
Check for doneness at the end of the estimated cooking time by inserting a meat thermometer at a meaty point (not into fat or touching the bone). It should register 160 degrees F.
Allow the ham to stand for 15 minutes before slicing to allow the juices to set.