Preheat oven to 325 degrees. Generously grease and flour a bundt pan.
In a large mixer bowl, cream butter and sugar until light and fluffy. Add egg yolks one at a time, mixing well after each addition. Blend in lemon extract. Add remaining ingredients. Blend at low speed just until thoroughly combined, scraping bowl occasionally. Pour batter into pan. Bake for 55-60 minutes or until top springs back when touched lightly in the center. Cool 30 minutes; remove from pan. Cool completely and drizzle with glaze.
For glaze: In a small bowl, place the extract and powdered sugar; stir in only enough water to make proper drizzling consistency.