Heat butter in a saucepan over low heat.
Add coconut and stir frequently until golden brown.
Remove coconut and set aside.
Add brown sugar, corn syrup, and salt to butter in saucepan; mix well.
Cook over low heat, stirring constantly, until mixture bubbles vigorously.
Remove from heat.
Gradually add evaporated milk, stirring until blended.
Return to heat and stir constantly until thoroughly heated.
Remove from heat; stir in coconut and extract.