Line a 9x13 inch pan with aluminum foil or parchment paper and lightly spray with nonstick spray. Place 1 cup butter and chocolate chips in a large bowl. Set aside.
In a large saucepan combine sugar and evaporated milk. Bring to a boil over medium high heat stirring constantly for 10 minutes. Pour the sugar mixture over the chocolate chips and butter.
Using an electric mixer beat the mixture for 3 minutes. Mix in the vanilla.
Spread the chocolate into your 9x13 inch pan. Allow to completely cool before frosting.
To make the icing: In a medium saucepan stir together the heavy cream, sugar, egg yolks, and butter. Cook over medium heat until the mixture starts to thicken and coats the back of a spoon. Add coconut and pecans and mix well. Let the mixture completely cool before frosting the fudge. Once you put the frosting on, I liked to refrigerate for another hour so they are easy to cut.