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Preheat oven to 350.
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Coat bottoms only of 2 9" round cake pans with cooking spray.
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Line bottoms of pans with wax paper. Coat wax paper with cooking spray and dust with 2 tbs cake flour. Set aside.
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Place 1/3 cup butter in a large bowl and beat with mixer until creamy.
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Gradually add sugar, beating well.
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Add egg yolks, one at a time, beating well after each.
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Lightly spoon w cups flour into dry measuring cups and level with knife.
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Combine 2 cups flour, baking soda and salt, stir well.
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Add flour mixture and buttermilk alternately to butter mixture, beginning and ending with flour.
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Stir in pecans, coconut extract and 1 tsp vanilla.
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Beat egg whites with a mixer at high speed until stiff peaks form, being careful not to overbeat.
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Fold egg whites into batter, pour batter into prepared pans.
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Bake for 23 minutes or until a toothpick inserted in center comes out clean.
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Cook in pans for 5 minutes on wire racks. Loosen cake layers from sides of pans and remove from pans.
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Remove and discard wax paper. Cool completely.
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To prepare frosting:.
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place 1 T butter and cream cheese in a large bowl.
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Beat with a mixer at high speed until fluffy.
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Gradually add powdered sugar , beating at low speed until smooth. Do not overbeat.
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Add 1 tsp vanilla, beat well.
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Place 1 cake layer on plate. Spread with 1/3 of frosting.
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Top with other cake layer and spread remaining frosting over top and sides of cake.