Preheat oven to 350º F.
Remove ham from packaging and place into a roasting pan.
Combine orange marmalade, bourbon, brown sugar, cranberry juice, and bay leaf in a saucepan.
Bring to a boil, then reduce to a simmer and continue cooking for about 5 minutes.
Discard bay leaf and reserve about a cup of sauce to serve with the ham.
Brush glaze over the ham and season with salt and pepper.
Add 1/2 inch of water into the base of the roasting pan.
Tent with aluminum foil and bake 40-45 minutes, or until ham reaches 140ºF.
Remove ham from oven. Baste and let the ham stand for about 10 minutes before slicing.
Serve with extra glaze, if desired.