Heat oven to 325°F. Spray 12-cup Bundt® pan with nonstick cooking spray. In large bowl, combine cake mix, coconut milk, butter, 1/4 teaspoon of the coconut extract and eggs; beat at low speed until moistened. Beat 2 minutes at high speed. Pour batter into sprayed pan.
Bake at 325°F. for 55 to 65 minutes or until toothpick inserted in center comes out clean. Cool cake in pan on wire rack for 15 minutes. Invert cake onto serving plate.
Place frosting in microwave-safe measuring cup with pouring spout. Microwave on HIGH for 10 to 20 seconds; stir until smooth and pourable. Stir in remaining 1/2 teaspoon coconut extract. Pour frosting over cake, allowing some to run down sides. If desired, garnish cake with toasted coconut.