I understand that in order for earnings to be withdrawn from a Roth IRA, you have to be over 59.5 and the account must be older than 5 tax years.

Assume:
Roth IRA started on 7/1/2001.
$3000 Contributions made each year.
Turn 59.5 years old in 8/2006 (more than 5 years since Roth was started).

Question: Can the entire amount in the IRA be distributed tax-free after 8/2006, even though all of the contributions, except the initial one, were made less than 5 tax years ago?

Note: I realize that you can withdraw your contributions at any time without paying taxes, but I'm talking about withdrawing the contributions plus the earnings.

Thanks, Russ