Preheat the oven to 300 degrees. Grease a 9 inch springform pan with butter or shortening. Set aside. 

Spread the 1 1/2 cups coconut out on a baking sheet. Place in the oven and toast, stirring every 3 minutes, until the coconut is beginning to turn a golden color. This will take about 10-12 minutes. Add a cup of oats to the pan and stir. Return to the oven and continue to bake another 6-8 minutes, stirring once, until the mixture is very fragrant and coconut is evenly browned. Remove from the oven and allow to cool for a few minutes, then place the mixture in a blender and pulse just until it's the consistency of coarse flour.

Meanwhile, place the butter, sugars, and salt in the bowl of an electric mixer and beat until smooth and lighter in color, about 2-3 minutes. Beat in the vanilla extract and coconut extract, if using. Beat in the coconut/oat mixture then add the flour and continue to beat on low speed until the mixture is combined. If the dough is very dry or crumbly, you can add water, 1 teaspoon at a time, until it comes together. Usually I don't need to add any water at all. 

Press the mixture into the prepared pan. To make this easier, you can place a piece of wax paper over the dough and use your fingers to press and smooth the dough evenly in the pan. Remove the wax paper. Sprinkle the additional 1/3 cup coconut and 2 Tablespoons oats over the dough, leaving a 1 inch rim around the edges. Sprinkle the edges with sugar and press in gently with your fingers. Use a butter knife to score the dough in quarters (only cut about 2/3 of the way down). Score each quarter into thirds. 

Place the pan in the oven and bake for 20-25 minutes or until the dough is browned and the center is nearly set. Let cool for 5-10 minutes then cut wedges along scored lines and allow to cool until barely warm. Remove springform ring, slice wedges, and serve, or wrap in saran wrap and store in a cool, dry place for up to 5 days.