Preheat oven to 325°. Spray 13 x 9-inch baking pan with nonstick cooking spray.
Prepare cake mix according to package directions. Add coconut extract and ½ cup shredded coconut, mix well. Spread batter in prepared pan.
Bake 25 to 35 minutes or until a toothpick inserted into center of cake comes out clean. Cool completely in pan on wire rack.
In a medium bowl, combine pudding mix, milk, and coconut extract. Mix well and let stand until thickened.
In a large bowl, beat cream cheese until smooth. Add pudding and mix well.
Finally, fold in whipped topping.
Spread top with Coconut Cream Frosting. Sprinkle 1 cup shredded coconut evenly over frosting. Store in refrigerator.