Cake

5 large eggs, with yolks and whites separated
1 cup butter, softened
1 2/3 cups sugar
1 1/2 teaspoons vanilla extract
2 cups all-purpose flour
3/4 teaspoon baking soda
1/2 teaspoon salt
1 cup buttermilk
1 1/3 cups sweetened shredded coconut
1 cup chopped pecans, toasted

Frosting

12 ounces cream cheese, softened
6 tablespoons butter, softened
2 1/4 teaspoons vanilla extract
5 2/3 cups powdered sugar
3 to 4 tablespoons heavy whipping cream
1/2 cup chopped pecans, toasted
1/4 cup toasted sweetened shredded coconut, optional

Heat oven to 350 F. Line bottom of three greased 9-inch round baking pans with greased parchment paper. Place egg whites in a small bowl and let stand at room temperature for 30 minutes. In a large bowl, cream butter and sugar until light and fluffy. Add yolks, one at a time, mixing well after each addition. Beat in vanilla. In a separate bowl, whisk flour, baking soda and salt. Add to creamed mixture alternately with buttermilk, beating well after each addition. Fold in coconut and pecans. With clean beaters, beat egg whites on medium speed until stiff peaks form. Fold into batter. Transfer to prepared pans. Bake 20 to 25 minutes, or until a toothpick inserted in the center comes out clean. Cool in pans 10 minutes before inverting onto wire racks and removing paper. Cool completely. 

In a large bowl, combine cream cheese and butter until smooth. Mix in vanilla. Beat in powdered sugar and whipping cream to reach spreading consistency. Spread frosting between layers and over top and sides of cake. Sprinkle with pecans and coconut. Refrigerate leftovers.