Preheat oven to 350°F (175°C) and grease two 9-inch round cake pans.

Combine cake mix, buttermilk, oil, eggs, and 1 teaspoon vanilla in a large mixing bowl.

Beat on low speed for 30 seconds, then on medium speed for 2 minutes.

Fold in the shredded coconut and 0.5 cup of the chopped pecans.

Divide the batter evenly between the prepared pans.

Bake for 25 to 30 minutes or until a toothpick inserted in the center comes out clean.

Cool cakes in pans for 10 minutes, then invert onto wire racks to cool completely.

To make frosting, beat cream cheese and butter until smooth.

Add powdered sugar and the remaining 1 teaspoon vanilla, beating until light and fluffy.

Frost the cooled cake layers and garnish with the remaining 0.5 cup pecans.