In a large saucepan, melt the butter over medium heat. Once the butter has melted, remove it from the heat and add the sugar. Stir until the sugar is well incorporated and mostly smooth. Let cool for a few minutes.
While the mixture is cooling, mix together the dry ingredients and set aside. Whisk together the egg, egg yolk and vanilla and then add to the sugar and butter mixture. Slowly add the dry ingredients in three stages and stir to combine.
Add the chocolate chips and coconut and stir well to make sure everything is evenly distributed. Chill the mixture for at least one hour, prior to scooping the cookie dough.
Preheat the oven to 325 degrees. Scoop the dough unto a parchment or silpat lined baking sheet. (Place the dough back in the refrigerator in between batches.)
Bake for 10-12 minutes. Let cool for 1-2 minutes on the baking sheet and then remove to a wire rack. Enjoy!