Step 1: Preheat your oven to 350°F (175°C). Grease and flour three 9-inch round cake pans.
Step 2: In a medium bowl, sift together the flour, baking soda, and salt. Set aside.
Step 3: In a large mixing bowl, cream together the 1/2 cup butter, shortening, and granulated sugar until light and fluffy. Add the egg yolks one at a time, beating well after each addition. Stir in the vanilla and almond extracts.
Step 4: Add the flour mixture to the creamed mixture alternately with the buttermilk, beginning and ending with the flour. Mix just until combined.
Step 5: Stir in the shredded coconut and the 1/2 cup toasted pecans.
Step 6: In a separate clean bowl, beat the egg whites until stiff peaks form. Gently fold the beaten egg whites into the cake batter until no white streaks remain.
Step 7: Divide the batter evenly among the prepared pans. Bake for 25-30 minutes, or until a wooden pick inserted into the center comes out clean.
Step 8: Cool the cakes in the pans for 10 minutes, then turn out onto wire racks to cool completely.
Step 9: To make the frosting: Beat the cream cheese and 1/2 cup butter until smooth. Gradually add the powdered sugar and 1 teaspoon vanilla, beating until creamy. Fold in extra pecans if desired or use them for garnish.
Step 10: Frost between layers and on the top and sides of the cooled cake. Garnish with additional pecans and coconut.