Drain pineapple, reserving 2 tablespoons juice (discard remaining juice or save for another use). In a large mixing bowl, combine dry ingredients. Add the eggs, oil, carrots, pineapple and reserved juice; beat until combined. Stir in walnuts.
Transfer to a greased 13-in. x 9-in. x 2-in. baking dish. Bake at 350� for 35-40 minutes or until a toothpick inserted near the center comes out clean. Cool on a wire rack.
For frosting, in a small mixing bowl, beat cream cheese and butter until smooth. Beat in vanilla. Gradually beat in confectioners' sugar until smooth. Spread over cake. Yield: 12 servings.