Preheat the oven to 350°F. Line baking sheets with parchment paper or silpat mats.
In a large bowl, use an electric mixer to combine the butter, shortening, and sugar. Blend in the almond extract and flour. Shape into balls and set on a baking sheet 2-inches apart.
Bake for 8 to 10 minutes. If using cherries, press ½ of a maraschino cherry in the center of each cookie as soon as they come out of the oven. Let cool for several minutes before transferring them to a wire rack to cool completely.