Preheat oven to 350 degrees. Use parchment paper or a silpat mat to line a baking sheet.
Cream the butter, shortening, and confectioners' sugar in a stand mixer until light and fluffy (about 2-3 minutes). Scrape the sides of the bowl to make sure all ingredients are blended.
Add in the egg, vanilla extract and almond extract and beat until combined.
Add in flour and salt. Mix until all combined.
Divide the dough in half and mix the red food coloring into one portion. Cover and refrigerate the doughs for 2 hours (or freeze for 1 hour).
Take 1 1/2 teaspoons of plain dough and roll into a 4" rope. Shape 1 1/2 teaspoons of red dough into a 4" rope. Put the ropes side by side and lightly twist together. Place on the prepared baking sheet and curve the top of the cookie to form the handle of the candy cane. Repeat with all the dough and put the cookies 2" apart on baking sheets.
Bake at 350 degrees for 9 minutes or until set. Remove from oven. Combine the crushed peppermint candy canes and sugar in a bowl. Sprinkle peppermint sugar mixture on the warm cookies. Remove cookies and let them cool on wire racks.