No tax when selling if primary residence 2 of past 5 years?

[Chris Bingham]

I always believed that the rule was that if I owned and lived in a property as my primary residence for 2 of the past 5 years that when I sell it I would not need to worry about paying federal taxes on the gains if it is below their specified threshold.  

However, if I live in the property as my primary residence AND rent out the extra rooms to roommates can I avoid federal taxes on the profit when i sell it if I've lived in it for at least 2 of the past 5 years? I have claimed the rental income on my taxes and depreciated the property along the way as well.