Preheat the oven to 325 F.
In a large bowl toss in the butter flavored shortening, unsalted butter, and granulated sugar.
Cream the ingredients together, then add in the egg whites. Also add in the vanilla, and coconut extract.
Once everything is well mixed, alternate adding in the cake flour and half & half.
Once the cake batter is nice and smooth, pour it into a nonstick tube or bundt pan (if you don't have a nonstick cake pan, be sure to grease and flour it prior to adding in the cake batter.)
Put the cake in the oven, and let bake for 1 hour and 20 minutes (or until done).
Remove the cake from the oven, and let cool in the cake pan for 10 minutes.
Remove the cake from the cake pan, and place on a cooling rack.
Combine all of the icing ingredients in a medium sized bowl, and mix until it's nice and creamy.
Once the cake is cool, place it on a cake stand and ice the cake.
Sprinkle the shredded coconut on top of the cake.
Serve and enjoy!