In the bowl of an electric mixer fitted with a flat paddle, cream the butter for 30 seconds. Add sugar; mix on low speed to incorporate. Add egg yolks and extracts and mix just until incorporated. Add flour and mix until dough just comes together. Shape dough into a disc and wrap in plastic wrap. Refrigerate for 2 hours or overnight.
Preheat the oven to 375°F. Grease two cookie sheets. Remove dough from the refrigerator and wait 10 minutes before rolling.
On a lightly floured work surface, roll the dough 1/8" to 1/4" thick. Cut into desired shapes. Then transfer to prepared cookie sheets. Bake 8 to 10 minutes or until the edges of the cookies begin to turn golden. Remove cookies with a spatula and cool on a rack.
In a bowl, whisk the sugar, egg white and lemon juice together until smooth and creamy. Adjust with water or additional confectioners’ sugar if necessary. Divide and color the icing as desired. Icing will dry quickly so keep covered with plastic wrap, laid directly on the surface as you work. Apply with an icing spatula, a small, clean paint brush, or a pastry bag.
Makes 1 dozen 4" cookies or 20 3" cookies.
Recipe is included with our Kitchen Essentials from Calphalon 10" x 14" and 12" x 17" Cookie Sheet Set.