Preheat oven to 350 F. Line muffin pans with cupcake liners. Sift together the flour, baking powder and salt.
Drain and chop maraschino cherries. Set aside.
Whisk by hand the eggs, egg whites, milk, vanilla and almond extracts. Set aside.
Using flat paddle of a stand mixer, on medium speed, cream the butter until smooth and creamy.
Still on medium speed, gradually add sugar and beat until light and creamy.
On low speed, pour ⅓ of the wet ingredients and beat until mixture is creamy, smooth and well incorporated.
Add about ⅓ of the dry ingredients and continue to mix just until blended. Repeat procedure alternating between the wet ingredients and dry ingredients, ending with the dry ingredients. Stop the mixer in between to scrape the bowl and continue to beat just until blended. Do not over beat.
With a rubber spatula, mix in the chocolate chips, then gently fold in the chopped cherries.
Use an ice cream scoop to fill the lined muffin pans.
Bake for about 20 to 25 minutes or until lightly brown.
Transfer the pans onto a cooling rack and allow the cupcakes to cool completely.
For the Chocolate Frosting:
Melt the chocolate in a double boiler over simmering water, stirring until smooth. Set aside to cool.
In a large pot, on medium heat, bring the milk to a near boil while whisking.
Remove from heat and add the powdered sugar all at once. Whisk thoroughly until smooth and free of lumps. Set aside to cool to lukewarm.
On medium speed, beat butter until smooth. Add salt. Switch mixer speed to low and gradually pour the sugar mixture. Beat until well combined.
Add the melted chocolate, then the vanilla. Beat the frosting until smooth and shiny.
For the Cherry Buttercream:
Cream butter until smooth and free of lumps.
Add shortening and beat until well blended, scraping down bowl every so often. Add salt and beat until combined.
On low speed, gradually add powdered sugar, one cup at a time, alternating with a small amount of milk. Repeat until all the powdered sugar and milk have been incorporated.
Add cherry, almond extracts and a few drops of pink food color. Beat just until smooth and creamy.