Preheat oven to 350 degrees Fahrenheit.

Line two standard cupcake pans with 14 foil or paper liners.

In a medium-size bowl, whisk together flour, baking powder, and salt.

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 to the butter mixture.

Follow with evaporated milk.

Add the remaining flour mixture and stir to combine.

Stir in coconut extract and chopped sweetened flaked coconut.

Spoon a scant 1/3 cup of batter into each cupcake liner.

Bake at 350 degrees Fahrenheit for 25 to 27 minutes, or until lightly browned on top.

Remove from pan and cool completely on a wire rack.

For the frosting, place unsweetened chocolate squares in the bowl of a food processor.

Heat evaporated milk just until it simmers, then pour over chocolate.

Let sit for 10 minutes, then pulse the processor until smooth.

Add sugar and coconut extract.

While the processor is running, add butter gradually.

Process until the frosting is thickened to a good piping consistency.

If needed, refrigerate for 5 minutes to firm.

Transfer the frosting 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. Alternatively, you can simply spread the frosting onto cupcakes.