1. Heat oven to 350 degrees F. Line two standard cupcake pans with 14 foil or paper liners.Cupcakes:
2. In a medium-size bowl, whisk flour, baking powder and salt.
3. In a large bowl, with an electric mixer, beat together shortening, butter and sugar until creamy. Add egg whites and beat until very light and foamy, about 3 minutes. Add half the flour mixture, followed by evaporated milk and then remaining flour mixture. Stir in coconut extract and coconut. Spoon a scant 1/3 cup batter into each cupcake liner.
4. Bake at 350 degrees F for 25 to 27 minutes, or until lightly browned on top. Remove from pan; cool completely on a wire rack.Frosting:
5. Place chocolate in the bowl of a food processor. Heat evaporated milk just until it simmers; pour over chocolate. Let sit 10 minutes, then pulse processor until smooth. Add sugar and extract. While processor is running, add butter gradually. Process until thickened to good piping consistency. If needed, refrigerate 5 minutes to firm. Transfer to a large piping bag fitted with a medium-size tip. Beginning at the edge of one cupcake, pipe frosting in a concentric circle. Repeat with all cupcakes.