Madeira Baked Smithfield Ham

1 (15 1/2 pound) fully cooked smoked Smithfield ham or Tennessee ham
3 tablespoons butter, room temperature
1 teaspoon ground nutmeg
1 (750 ml) bottle Madeira

Heat oven to 350 degrees F.

Trim rind and excess fat from ham, leaving 1/4-inch-thick layer of fat. Place ham on roasting rack set in heavy large roasting pan. Spread butter over ham. Sprinkle nutmeg over ham. Pour Madeira into pan. Bake ham until well glazed and dark brown, basting every 10 minutes with pan juices, about 1 1/2 hours. Let ham stand at least 20 minutes.

Thinly slice ham, beginning at shank end and proceeding at angle toward thicker part of ham. Serve ham hot or at room temperature.