Preheat oven to 275 degrees. 

Line 2 baking sheets with parchment paper.

Pop the popcorn using a hot air popper.  Remove any of the un-popped seeds. 

Place the peanut butter, honey, brown sugar, baking soda and caramel extract, salt in a small sauce pan.  Place on medium high heat and bring to a soft boil.  Make sure the brown sugar is dissolved and everything is well blended.  Pour over the popcorn and mix well until all of the popcorn is coated.  Pour the caramel corn on to the baking sheets. 

Bake for 20 to 25 minutes, stirring after 10 minutes or so.  Remove from oven and let dry.  Break apart and store in air tight container or plastic zip lock bags.