DRAIN cherries, reserving 1 cup liquid.
COMBINE granulated sugar, brown sugar and cornstarch in large saucepan. Stir in reserved cherry liquid. Cook over medium heat until thickened and bubbly, stirring constantly. Cook and stir an additional 2 minutes. Remove from heat.
STIR in almond and vanilla extracts, butter and food coloring. Stir in cherries. Cool slightly.
HEAT oven to 400°F.
COMBINE flour and salt in large bowl. Cut in shortening with pastry blender or 2 knives until mixture resembles coarse crumbs. Add water one tablespoon at a time, mixing with fork until flour is moistened. Form dough into 2 balls.
PLACE one ball on lightly floured surface. Flatten and roll to form an 11-inch circle. Place into a 9-inch pie plate. Trim 1/2 inch beyond the edge of plate. Fill with cherry mixture.
ROLL out remaining dough. Cut dough into 1-inch strips with a decorative pastry wheel or sharp knife. Place strips over pie in a horizontal direction. Fold alternate strips back; place a strip vertical across top. Unfold strips, and fold the strips back that are under the last vertical strip. Place another strip vertically across. Continue until pie is completed.
TRIM pastry strips even with edge of bottom crust. Fold bottom pastry over lattice strips and seal. Flute edge. Cover fluted edge of pie with 1 1/2-inch strip of foil to prevent excessive browning.
BAKE 45 to 50 minutes or until crust is golden brown. Remove foil strip during final 15 minutes of baking time.