<?php

$re = "/'[^'\\\\]*(?:\\\\.[^'\\\\]*)*'(*SKIP)(?!)|-/"; 
$strs = array("The 'big-yellow' house-is near the lake", "He doesn\'t like it because-he isn\'t from here."); 
foreach ($strs as $str) {
	$result = preg_split($re, $str);
	print_r($result);
}