1/2 cup butter or margarine, softened
1 (8-ounce) package cream cheese, softened
1 teaspoon vanilla extract
1/2 teaspoon coconut extract
1 (16-ounce) package powdered sugar, sifted
1 cup chopped pecans
1/2 cup chopped maraschino cherries, drained
Beat butter and cream cheese in a mixing bowl at medium speed with an electric mixer until creamy; mix in vanilla and coconut extracts. Gradually add powdered sugar, beating well.
Fold in chopped pecans and maraschino cherries.