I have read a few points here that I would differ with (so just adding my 2CW).
Using the rules of 1/3's isn't the best course of action in a recreational setting and was explained a little incorrectly. It is generally used in overhead environments (not part of recreational diving) and follows a 1/3 in, 1/3 out, 1/3 held in reserve.
For recreational diving one should instead calulate the amount of gas needed for two divers to safely ascend from the max depth anticipated (rock bottom reserve) and set this amount as the bingo, or "time to go up" limit. This amount can be halved in the back gas if one carries a pony bottle that also holds rock bottom for one diver.
Generally the plan is for one major failure at the worst possible moment (max depth) followed by immediate ascent so the pony need not carry enough gas for two divers. It needs to carry enough gas for the one diver who has lost their back gas.
Calculating rock bottom could/should include calculations for ascent rate, safety stops, time to return to uplines, problem solving at depth. It depends on the situation and what your team decides is appropriate. 30'/min., 60'/min., no stops, full stops... It's you and your buddies choice as long as you are willing to accept the consequences.
Using a pony need not be difficult or overly complicated: