Heat oven to 350 degrees F. Spray 11 x 17 x 1 1/2-inch baking pan with no-stick cooking pan.
Beat butter and sugar in medium bowl with an electric mixer on medium speed until fluffy. Add in peanut butter, eggs and vanilla one at a time until incorporated. In a separate bowl stir together flour, baking powder and salt. Add to creamed mixture. Beat just until mixed. Stir in coconut. Spread into prepared pan.
Bake 25 to 30 minutes. Cool. Cut into 2 dozen bars.
Mix powdered sugar, salt, vanilla and enough light cream to make a frosting of drizzling consistency. Drizzle over cooled bars.