Preheat oven to 350°. In a large bowl, cream butter and sugar until light and fluffy. Beat in egg and vanilla. In a small bowl, whisk flour and baking powder; gradually add to creamed mixture, mixing well. Fold in coconut and walnuts.

Press two-thirds of dough onto the bottom of a greased 13x9-in. baking pan. Bake for 10-15 minutes or just until barely browned.

Spread with apricot mixture; crumble remaining dough over preserves. Bake another 25 minutes or until golden brown. Cool completely in pan on a wire rack. Cut into bars.