Preheat oven to 325 degrees. Spray two 10-inch round cake pans with cooking spray; set aside.
In the bowl of an electric mixer fitted with the paddle attachment, cream together butter and sugar until light and fluffy, 5 to 6 minutes. Add eggs, one at a time, and beat until creamy, occasionally scraping down sides of the bowl using a spatula.
In a large bowl, sift together flour, baking powder, and salt. In a small bowl, mix together cream, vanilla, and coconut extract. With mixer on low speed, add flour mixture, alternating with cream mixture, beginning and ending with flour; beat until just combined.
Pour batter into prepared cake pans and bake until a toothpick inserted into the cake comes out clean, 40 to 45 minutes. Let cool completely on a wire rack before removing cakes from pans.