Preheat oven to 350 degrees. Generously spray three 9- inch cool cake pans with cooking spray and lightly flour them. Spread coconut on ungreased jelly-roll pan and toast in oven until it begins to brown slightly. Stir often and set aside. In a medium bowl, beat egg whites until stiff but not dry. Set aside.

In a large mixing bowl beat together butter, sugar, vanilla, and coconut flavoring. Add egg yolks one at a time and beat well after each. Combine flour and baking soda. Add to creamed mixture alternately with buttermilk. Fold in egg whites and 1 cup toasted coconut. Divide batter evenly among prepared pans. Bake 25 minutes or until toothpick inserted in center comes out clean. Remove layers from pans and cool on rack.

Frosting: combine cream cheese, butter and confectioners' sugar. Beat until smooth. Stir in remaining 1 cup toasted coconut.