Make sure the rack is in the middle of the oven and preheat to 350 degrees Fahrenheit. Cut out two parchment paper circles slightly smaller than the 8 inch cake pans. Spray the bottoms of the cake pans and set the parchment circles in them. Spray the pans with the nonstick spray and set aside.
In a medium bowl measure the flour, baking powder, baking soda, and salt. Stir with a whisk and set aside.
In the bowl of a stand mixer with a paddle attachment cream the butter, oil, sugars, vanilla, and almond extract for 3 minutes on medium speed.
Add the eggs one at a time beating until incorporated after each addition. Scrape the bowl as necessary.
Add half of the flour mixture to the mixer and beat on medium speed until mixed combined. Add the buttermilk and on low speed beat until combined then add the remaining flour. Mix until a smooth batter forms scraping the bowl as necessary.
Fold in the coconut and pecans with a spatula. Divide the batter into the cake pans and bake until the tops are golden brown and a toothpick comes out clean. This should take about 35 to 38 minutes.
Remove the cakes from the oven and let cool until warm. Place a cooling rack onto the top of the cake pan and gently flip the cake over onto the cooling rack.
Let the cakes cool completely and then frost with cream cheese frosting and top with more toasted coconut and/or pecans.