Preheat oven to 350°F. Line standard muffin pan with baking cups. In large bowl, combine cake mix, water, eggs, oil and coconut extract; beat with electric mixer 2 minutes. Fold in shredded coconut. Spoon into baking cups. Bake 18-20 minutes or until toothpick inserted in center comes out clean. Cool cupcakes in pan on cooling rack for 5-8 minutes. Remove cupcakes from pan; cool completely.