Might – Dwarves start off with a +15 when it comes to their might because of their strength and stocky nature. This will help you out in any fight that you come across.
Morale – While this one is weird to understand, you basically need to know that you'll get a great bonus to your morale while you are in combat. But, outside of it, well, your morale will be going down, almost as if you are penalized for not fighting.
Power – Your power regen in combat is huge and you'll feel this from your first fight. But, just like with your morale, you seem to be penalized for not being on combat, and you will see the difference when you aren't fighting in your power bar.
Vitality – Since the dwarves are a tough bunch, you'll start out with a +10 in vitality, which is great when it comes to staying alive in a hard fight.