Melt butter, add sugar, lightly beaten eggs and coconut. Cook over low heat until thickened.
Remove from heat, add vanilla and cool.
Add remaining ingredients, spread in a 9 inch pan and chill.
When cooled, frost with cream cheese icing.
ICING: Blend the cream cheese, butter and vanilla, beat til smooth and creamy. Add in the icing sugar, more if needed for desired consistency. Spread the amount of icing you wish to use for the cake and refrigerate the rest, find the extra icing great to have on hand to ice muffins or cupcakes.