Preheat the oven to 450°F.
Unroll the pie crust and place it in an 8x8-inch square glass baking dish. Press the crust into the baking dish and shape it up the sides as far as you can press it. The crust will shrink back some during baking. Prick the bottom and sides with a fork to allow steam to escape while the crust is baking.
Bake crust according to package instructions, usually 10 to 12 minutes. Remove from the oven and allow it to cool completely, this will take about 15 minutes.
Whisk together pudding mix, milk, and coconut extract (if desired). Whisk for 3 to 5 minutes or until the mixture begins to thicken.
Whisk in 1 cup of flaked coconut, this is optional.
Spread pudding mixture into cooled pie crust.
Spread thawed whipped topping over the pudding mixture.
Place in the freezer to chill for at least 30 minutes.
Spread the remaining cup of coconut flakes in a pie plate or small sheet pan. Bake in 450°F oven for 5 to 8 minutes, stirring every few minutes, until coconut is golden and toasted. Remove from pan immediately and cool.
Sprinkle toasted coconut over the chilled pie.
Cut and serve!