Grease and flour three 8-inch heart-shaped cake pans.
Cream shortening; gradually add sugar, beating well.
Combine flour, baking powder, and salt; add to creamed mixture alternately with milk, beginning and ending with flour mixture. Mix well after each addition. Stir in flavoring.
Beat egg whites (at room temperature) until stiff peaks form; fold into batter.
Add cherries to one-third of batter, and pour into 1 prepared cake pan. Add almonds and food coloring to remaining batter, and pour into 2 remaining cake pans. Bake at 350° for 20 to 25 minutes or until cake tests done. Cool in pans 10 minutes; remove from pans, and let cool completely. Spread frosting between alternating pink and white layers and on top and sides of cake. Garnish with halved cherries.